Recommended Reading

Google Search

Google
 
Charts courtesy of stockcharts.com

Tuesday, December 16, 2008

Fed Day Follies

As regular readers here know, I don't know many people in the financial industry by name, I don't follow fund managers, I don't worship at the feet of Wall Street billionaires, so when the Bernard Madoff scandal first hit, I had no idea who he was or how big this thing was going to be. This guy was at one time the chairman of the Nasdaq. Around the blogosphere, there are questions that keeps popping up: How could he manage a $50 billion swindle for over a decade by himself? And how did he manage to do this right under the nose of the SEC? This is getting interesting.

The market has made a nice pop up today, but today is Fed day, so we won't get a true sense of the market u til 2:15. I'm getting to the point where I seriously dislike Fed days, because they cause disruptions in the market, just the opposite of what the Fed is supposed to do. Some day I should research just what the Fed is supposed to do, and why we do or do not need them. I'm not an economist, just a trader who trades the market I get, but I'm a citizen, too, and I'm not happy about the direction this country is going.

So far today, financials and basic materials are strong, consumer staples and industrials lagging, with energy in the middle. Oil is back up to $45. There are no breakouts so far, and though I'll be looking for them as an exercise, I would seriously not take any positions until after the Fed decision.

The only report I have on the earnings front is that NDSN was tentatively scheduled to report today, is now confirmed to report tomorrow after market close.

My mood is usually a good contrary indicator, and if it holds true today, we should get one hell of a rally.

No comments:

Google Analytics