Nasdaq volume rose and preliminary data showed NYSE volume coming in higher than Tuesday. Wednesday's follow-through rally confirmation means the general market is now in a confirmed uptrend.
Today, the Fed is likely to leave rates unchanged this afternoon as it announces its decision following a two-day policy meeting. U.S. stock index futures are down slightly this morning as traders get nervous about upcoming tightening in December. Recent reports showing strong job and economic growth give the FOMC little reason to materially change its statement, while recent stock weakness doesn’t appear large enough to warrant extra attention from the central bank.
Marijuana should not be a Federal issue anyway. Let the people in the states decide. Since my home state of Michigan legalized it Tuesday, my goal of finding a summer house there moves up in priority!
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