Excerpt from MarketWatch quoting DataTrek’s Nick Colas:
…. “In a note, Nicholas Colas, co-founder of DataTrek Research, reminded clients of the phenomenon studied by New York Federal Reserve Bank. They found that equities have tended to rally into and through meetings of the Fed’s rate-setting Federal Open Market Committee.
Tuesday “is Day 1 of the Fed Drift sequence, and in an evermore algorithmic world that’s important to know,” Colas wrote, referring to pattern-based trading programs”….
Read the full article here on MarketWatch!