After The Close
As is typical of Fed announcements, the market tends to go one way before the speech … then, the opposite way after the speech.
As real estate (IYR) pushed higher before the speech, it got just a little too far upward for comfort. The short position was closed out for one managed account.
As time progressed, price action was clearly setting up a spring condition; seen in the 30-minute leveraged inverse fund DRV, above.
The Project Stimulus Account closed its TZA position (for profit, table to follow) and the account then positioned long DRV, at about 4.49 (not advice, not a recommendation).
The stop is tight … the low of the day @ 4.42 (not advice, not a recommendation)
We’ll see what happens next