We have typical pre-FOMC announcement news so far this morning. The action is dull with a negative bias, and traders are struggling to find much action. Breadth is running 3100 gainers to 4400 decliners, and new 12-month highs are down to around 200.
There are about two dozen stocks up more than 10%, but it is a random mix. One notable dynamic is that social media is struggling to generate sustain momentum in stocks they favor. A good example is Canoo (GOEV) which WallStreetBets promoted yesterday. The stock was unable to gain further ground so far this morning. Few stocks outside GameStop (GME) and AMC (AMC) have been able to build on social media promotion.
Like many other traders, I'm not inclined to make many moves until we have the Fed meeting out of the way. One stock I'm eyeing on weakness is Upstart Holdings (UPST) . This was a major growth stock winner, but a lock-up of shares is expiring, and that has caused some major pressure over the last two weeks. The stock failed to hold the 50-day and looks quite poor technically, but I think it may be closed to washed out, and I'm starting to build a small position.
Hopefully, once the Fed is done and we see the immediate reaction, we will have a return to a focus on stock picking. However, this is one of those situations where you just have to wait until the news is out and is digested.