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Time to Game the Fed (Again)

09-15-2020

The market wasted no time getting back to partying in front of tomorrow's FOMC meeting. Today's leader was once again the Nasdaq, which popped 1.5% in the first hour, with the S&P up 1%. From there, after trying to trade higher, the rally fizzled but didn't totally fall apart, as the Nasdaq closed 1.25% higher, although the S&P and Dow lagged way behind.

Away from stocks, there was a fair amount of motion. Fixed income was a little lower and, after being weaker, green paper traded higher (before closing flat) and that seemed to be the catalyst for reversing the metals, which were initially up 0.75% or more. They then rolled over into the red before closing essentially flat. Just like the metals, the miners swung around quite a bit before closing mixed with small changes.

Speak Softly and Carry a Big Schtick Regarding tomorrow's FOMC meeting, as I noted yesterday, I can't really see them doing a whole heck of a lot, although they could unleash some dovish verbiage. Given the stock market's ability to rally on any and all news, it could easily use that as an excuse to rally, or not, while similarly I believe that, for whatever reason, there are plenty of people in the metals complex who fear that the metals market is destined for a deep correction if the Fed doesn't indicate it's going to deliver more stimulus right away.

I don't happen to agree with that analysis, but if people are positioned that way, and if the metals market does well in the wake of the FOMC meeting, it could go on a big run.

Don't Worry, It Won't Be In Tents I forgot to mention this yesterday so people could listen to it live, but I would encourage anyone who has any interest in Camping World to listen to a replay of today's investor presentation conference call, as well as watch the excellent video the company posted yesterday, to learn more about the business.

Positions in stocks mentioned: long CWH.