All Eyes Focused On 2:00 p.m. September FOMC Minutes
Traders and portfolio investors along with individual investors are waiting for the latest minutes from the Federal Reserve Open Market Committee (FOMC) from their September meeting.
We already know that there were three dissenters at the meeting. So this is likely to be a case of buy the rumor and sell the news. Markets are likely to interpret that the FOMC is getting closer to moving. As such, the best buying opportunity may not be today but tomorrow or Friday. Currently, the S&P 500 is up 5 points and this may fade post the minutes release.
The S&P 500 is lower for the week and the next buyable low is getting there but not quite there yet. We will post our next buy idea here.