Fed Talk, Market Pop

Fed released their statement and stocks popped off their lows.  The S&P 500 ($SPX) gained four points (+0.20%) and ended just below mid-term support of its 50-day average.

What I didn’t like was the move in the small-caps ($IWM) to end lower. If this action continues in small-caps this would be a concern for any further upside movement.

Bonds ($TLT) received a reprieve bouncing on the Fed announcement. This also moved the rate-sensitive sectors/stocks, like utilities and REITS. Yield and dividend seekers could become more active if the Fed is not looking like they are going to pull the rate trigger.

The pullback in bond yields weakened the Dollar ($UUP). This also gave a nice boost to Gold ($GLD). I am leery of this move to upside especially with the markets keeping a close eye on developments in Greece.

Have a good trading day.