Stocks were sharply lower today after Bank of Japan kept its ultra-loose monetary policy unchanged but used slightly more positive language for the economy as a whole, which was expected. However, some market participants had hoped that the bank would lengthen the duration of one-year low-interest loans to banks to address the volatility in the bond markets. Stocks recovered from the steep losses during mid-day supported by strength in US treasury yield but the weak auction later in the afternoon didn't help and Stocks closed near the Session lows. SPY closed at $163.10 leaving a cushion of $4.10 for our trade with three days of trading left for the week.
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