Big
Agreed. The Fed here is just a temporary marker and not the big key. The market slows down in front of this decision...but it generally doesn't change the trend except in extreme situations. As well, the market got what it expected and sold off anyway.
That said, you can see railroads, and like you appointed out coal pulling back in front of the Fed statement and I would expect that to continue.
Copper on the other hand...I'm not so sure about. This 3.6 area was where I was looking for it to pull back. So action here key in next couple of days there I think. The vol on RIO and FCX may be indicative of at least temporary capitulation. Not sure. On rare earths, MCP looks like it wants that .618 retracement area (which I believe is approx 37.50 to 38 area (right now its at approx 39).
A key to me will be how oil acts here - if it tanks then we go down sooner rather than later. It just seems to me though that this 'readjustment' in commodities has already been largely made ahead of the Fed. The fed statement just fueled the flame a bit (but they are generally behind the market curve).
All that said, normally a move up on fed day is an excuse to sell off the next day. A move down is normally a point to look for a buy point (or at least "cover the shorts"...) within a day or two. Mike
