Afternoon Update – Beware Knee-Jerk Reactions. Once Again, The Concept Is Proven Correct On This FOMC Day.

As I’ve said the last 2 days, “Beware of initial FOMC knee-jerk reactions. They are often wrong and retraced.” U.S. Dollar index (1m) up +0.53%. This should be constructive for stocks as the Dollar Index climbs above $99.50. Gold futures (1m) briefly popping out above the flag and trading back down inside the flag consolidation….