I confess I 'd forgotten what it felt like to bank profits on a daily basis. While it feels great, Janet Yellen has done a fine job yanking away such feelings in times past. So naturally I’m nervous about Wednesday. All the same, these small rallies keep failing, which warms my heart.
The small caps are approaching support and of course I hope the trendline breaks. The FOMC will settle that matter, I think, one way or the other.
What’s been particularly helpful for me lately is that I am heavily concentrated in energy and financial shorts. Financials are really starting to throw off smoke. Lincoln Financial (NYSE:LNC), a favorite of mine, managed to break its own trendline Tuesday. With the strength that bonds are showing, I think banks/brokerages could really be in trouble here.
