While that should have been good news, Wall Street reacted somewhat negative, and the major indexes surrendered their early gains, as the above chart shows. Meeting anticipation apparently wasn’t a good thing.
Right now, we’re still stuck in a trading range, which encompasses about 880 to 910 on the S&P; 500. As I said yesterday, be prepared that a breakout will occur; that is a sure thing. What is unknown is when it will occur and whether it will be bullish or bearish.
This lack of direction is reflected in our Trend Tracking Indexes (TTIs) as well, which have not moved much at all. Here’s the latest update:
Domestic TTI: +0.58%
International TTI: +7.61%
Hedge TTI: -0.49%
We’re holding all positions subject to our trailing stop loss points.