S&P 500 had trouble extending FOMC gains, and just when it looked that the 4,720 held as support, stocks were again rejected at 4,735, losing dozens of pts quickly – only to come back overnight. Well, the chief catalyst was ECB not meeting the Fed degree of dovishness in the least. Rotations continued just like I predicted yesterday in the morning – tech weakness was predictably there, and it was cyclicals and interest rate sensitive plays with Russell 2000 that drove the subsequent rebound.For swing traders as well, this is a fair summary, but stocks may have to consolidate a bit longer than just a single day to get through 4,735 decisively. Disappointing Empire State manufacturing at -15 led to an initial bullish gap in ES that was however sold into, so better take off the intraday gains off the table (ES -5 pts, but more than made up with the NDX long bringing in 151 pts). Credit Markets 
Bonds still have the risk-on posture, but I wouldn‘t rely on yields further declining to be a stock market driver higher like there is no tomorrow. Such an outcome needs half decent incoming data, which isn‘t what we got today. More By This Author:I Promised FOMC FireworksFOMC FireworksCPI, Disinflation And Stocks
