Knee-Jerk Retraced. Higher for Longer Was Not

For 2 decades I’ve warned before every FOMC, “Beware the initial knee-jerk reaction, they’re almost always retraced.” The initial knee-jerk reaction Wednesday was yields higher, stocks lower. The theme Thursday was yields lower, stocks higher. While volume was too light the first half of Wednesday for the Dominant Price/Volume Relationship to confirm 1-day oversold internals,…