Bulls Enjoy a Pre-Fed Day Warm Up With a ~2% Gain

Today's the Fed's big day.

Our View — Historical Performance With Rates

I am not surprised by yesterday's rally at all. Everyone was offside going into the two-day Fed meeting. When the crowd gets too short in front of such an important economic data point, the markets tend to short cover and that's what we saw on Tuesday. Remember, big dead-cat rallies are part of bear markets. 

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