«Stocks Swoon…again.»

Traders,

Yesterday’s Fed meeting saw the monetary magicians roll up their sleeves and get at least a little more serious about wrangling the inflation monster. They boosted rates by 75 basis points, the most aggressive hike since 1994. And another three-quarters of a percentage hike is on the table for July’s meeting.

Stocks initially rallied, bringing hopes of relief to a beaten-down market. Traders departed their terminals yesterday in high spirits that a bounce could be upon us. Then they awoke to a bleep show. Equities are back to puking, and buyers have fled the premises.

The Russell 2000 is down 4%, the S&P 500 is down 3%, and energy, the one area holding up, is down 5%. Keep your wits about you. There be vicious bears on the loose.

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Video of the Day: Jedi Options – How to Select Your Covered Calls

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Chart of the Day: Energy Sector ($XLE)

Oil and energy are receiving their comeuppance today. XLE breached the 50-day and looks uglier than at any time this year. Is this a buying opportunity in disguise or the beginning of the end?

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Today’s line up

Traders Lounge 11 AM EST

Join the coaches in this live lounge, ask questions, discuss ideas or just sit back and listen to veteran traders discuss market conditions.

Cashflow Club 8:30 PM EST

Held every Thursday before Friday’s option contract expirations, this show helps you perfect your favorite cashflow strategies.

Halftime Report 12:30 PM EST

The Halftime Report starts at 12:30 EST and covers what news is driving the market, chart analysis from the movers and shakers of the day, and fun in a way that only Matt and Tim can deliver.

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