I imagine everyone on the planet saw the fade coming today. I do not know if the fact that the day high was not at the very open delivers anything positive, I'm not that much of a technician.
I think the mood remains glum because many people seem surprised that all of the uncertainty was not removed by the Fed yesterday.
I have to run out to meet a client but maybe the market will do something good in the last 15 minutes. Hope springs eternal.
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2 comments:
Roger - This is a catch 22. If the fed had raised, it would imply that the economy is purring, but the market would have been down instantly, partly due to inflation fears and partly due to the fact that a savings account would now yield north of 5%.
The fact that the fed did not raise rates means that the economy is not doing well, unemployment appears to be on the rise, oil is really wreaking havoc on consumer purse strings and based on the language, the fed is not quite done raising rates.
Interesting environment to be in. Certainly not bullish, but bears could be left out in the rain if the next inflation number is lower, oil inventories are higher and unemployment is on the rise. Weird how bad news can be celebrated with rigor on the street. I happen to think that a rising rate environment with low inflation is ideal for the market to move, but that is not the case any way we look at it.
-- Faisal Laljee
The market likes certainty and BB is data dependent. Reminds me of the bachelor who is about to be engaged and can't make up his mind. And then there is those fickle hedge funds trying to manipulate all of us. BB just doesnt have a spin that helps the risk takers to pretend they know what lies ahead. Us ma and pa investors can only hope to find the big picture and ignore the noise. I like that about random roger, but I do think technical analysis can help. Cramer acts like he's old school fundamental guy, but I suspect he has a research staff thata feeds him plenty technicals. Roger,what are the fundamentals that you believe have to occur, perhaps as late as 2008 from what you wrote, to get the bull up running?
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