Stocks Mixed into Final Hour after Fed Hikes Another 25 Basis Points and Hints at More

BOTTOM LINE: The Portfolio is slightly lower into the final hour on losses in my Retail longs and Semi longs. I have not traded today, thus leaving the Portfolio 75% net long. The tone of the market is negative as the advance/decline line is lower, sector performance is mostly negative and volume is above average. As I speculated yesterday, the Fed’s policy statement was more hawkish than most expected. This should calm fears that inflation will become a problem, thus helping to send the 10-year yield lower. I expect US stocks to trade modestly higher into the close from current levels on short-covering and stable long-term rates.