Rhino Trading’s Michael Block thinks it is after reading the Fed statement and listening to Janet Yellen speak. He explains why:
Reuters This did not play out as I thought it would – I thought a hawkish statement would lead to a sell off and then a dovish press conference would rally us back. The opposite is playing out. So I am going to make lemonade out of this sugar cane. The Santa Claus rally is dead. There may not be a Santa Claus, frankly. The FOMC remains accommodative and their dithering still tells me that we won't see a rate hike until after the 2016 elections. But short term damage is done and I remain short beta here until Dudley and Fischer hit the stump and straighten this out.
The S&P 500 has gained 1.4% to 2001.01, while the Dow Jones Industrial Average has risen 197.96 points, or 1.2%, to 17266.83.
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