Yet Another Rate Cut

As expected, the Fed delivered the market another 25 basis point cut and provided a hint toward pausing the interest rate cycle but still left their options open. The reaction, at least this afternoon, was to sell the news.

With the Fed in the rearview mirror (that is something to be truly thankful for), we now turn our attention to more earnings and economic data, including Friday's big bad jobs report. Overhead resistance remains in place at 1400 and tomorrow people will be trying to position ahead of the jobs data. Most interesting will be to see how Treasuries, the U.S. dollar and commodities trade tomorrow. They will provide very important clues to where we go from here.

All in all, April was a very good month for the market. Now let's see what May has in store.