March 16, 2023

By Nigam Arora & Dr. Natasha Arora

To gain an edge, this is what you need to know today.

European Central Bank

Please click here for a chart of S&P 500 ETF (SPY) which represents the benchmark stock market index S&P 500 (SPX).

Note the following:

• European Central Bank (ECB) is undeterred from the banking crisis.  ECB raised its key interest rate by 50 basis points.
  • The momo crowd is very disappointed.  The momo crowd was hoping for no rate hike.
• Early buying in stocks has turned into selling on the ECB rate decision.
• The ECB is the Fed’s cover to potentially raise interest rates by 25 basis points next week.