Monday, March 26, 2007

When is the next Fed meeting?

Since the last post when the Fed announced and the market took off, we have been marking time. Today is another good tell on the market. Down 1% from the get-go the market held and rallied steadily to close up slightly on the day. It's a small gain but a big win. Of course there are sellers out there but the buyers are taking every opportunity they get to load up.
An article today blasted the former Fed chief for his reckless commentary about a recession. Let's face it, the market moved 20% in 8 months and some jawboning from his highness was about all that the market respected on the bearish side. That pause probably helped more than it hurt and judging by the NYSE composite and NYSE A/D line, it didn't hurt much at all.

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