Markets snapped back in normal fashion. Tech (QQQ) leads the way, up 1.5%, while most everything else is up about 1%. Bonds (TLT) and Gold (GLD) are down on the day, and utilities (XLU) are barely past breakeven.
We’ve got a lot of heavy hitter earnings coming out between Facebook (FB), Apple (APPL), and plenty of others. Today starts the Fed meeting, culminating in the rate announcement tomorrow at 2 P.M. I don’t expect it to move the markets unless they say something about pulling back easy money.
A lot of folks are blaming the most recent decline on the Coronavirus scare. Make no mistake, it’s a serious issue. But what exactly changed between yesterday and today that warrants a bounce?
That’s why I tend to ignore the news unless it provides new data.
