Ahead of the FED minutes, I am sitting in my office and guessing, will this be an event or not. I think the SP index is posed for both sides. If tapering starts, it will go to 1600 in very short period of time. If it is not, a rebound is likely due sooner or later. I believe the up target is around 1670s.
Is it time to go long? I don't think so because we are going to face the same situation next month. It is time to re-allocate and re-balancing. For the rebound, builders, mortgage industry, financials may have good chance. In the long run, I still prefer technology, industrial and discretionary spending.
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