Stocks traded on pretty decent volume today, despite the lack of tangible price action.
I suspect we were seeing a lot of positioning ahead of some of the big tech earnings results tonight, such as AAPL, as well as the FOMC decision on interest rates at 2 PM tomorrow.
Stocks seem fully valued here, and vulnerable to a reversal.
If the Fed does raise 25 bp it will most likely be benign to our sluggish real economy, but it might provide a jolt to the bubbles in financial assets which they have, once again, created.
Have a pleasant evening.
