A 50 bps Hike Isn't the Question. It's How Do Stocks React?

Our gut leans to the upside, but the two-way action continues.

Technical Edge — 

• NYSE Breadth: 72.3% Upside Volume

  • Back-to-Back weeks of 80%+ downside volume 

• NASDAQ Breadth: 63.3% Upside Volume 

• VIX: ~$29

Today’s the day, where the Fed will almost surely raise rates by 50 basis points. If it came out of left field, it would be a pile-driver for the equity markets. But this 0.5% hike has been well-telegraphed from Powel…