Why don't we just borrow the whole post-Fed rally if there is no rate hike?
Really, this is a rally based on negativity -- lots of shorts ahead of the meeting, panicking on the possibility that China dives again and that the manufacturing data is so weak.
We are seeing the classic growth stocks continue to rally based on the possibility that there is no Fed rate hike.
And we are seeing the transports surge on a nice bump up in United Parcel Service (UPS) on hiring data for the holidays and an upgrade.
But the dollar is going the wrong way and the volume is nonexistent.
To me this is just another one of those rallies that is broad, looks fabulous and is based on nothing. Plus, the higher it goes the more likely the Fed is to RAISE rates.
In fact, the only thing that I saw positive today is European auto sales.
I do think Europe is turning, but not so hard as to take the euro up today.
All I can say is if this keeps up heaven help us if the Fed takes rates up without any commentary that would suggest one and done.