Replies to post #216001 on SPDR S&P 500 (SPY)

[gdl]

Don't expect much action from the announcement since there already is a 70 percent chance of rate hike in December. This would be the same month last year we saw a rate hike. Doing it during the strongest seasonal stock market up moves. Smart.

http://www.reuters.com/article/us-usa-economy-poll-idUSKCN11L1WF

Never before had the FED disappointed when the 70 percent mark was reached. Done deal unless some external event takes place.

I will tell you this. On a contrarian view the way the market holds up in next 2 weeks against the backdrop of earning announcements and rate hike expectations should dictate whether we have yet another seasonal rally late in year.

The drop so far is very muted and indicative of positive momentum so far. I still view any weakness as a buy anytime after October 20th or so. Depends on how well the market hold up.