Friends
Other than Apple rolling out the iPhone 5, today was rather void of news, and markets were rather quiet as a result. Remember, today was day one of the Fed meeting. Tomorrow is day two and we’ll get the announcement late in the morning and Dr. Bernanke’s press conference in the early afternoon. Will the Fed deliver the goods tomorrow? Has the market already priced in the expected easing? It will be interesting to see how tomorrow plays out.
As for today, the Dow Jones Industrial Average was up 10 points to close at 13,334. The S&P 500 was up 3 points to finish the day at 1436. Gold was down a fraction to close at $1734 per ounce, while oil was down $.30 to trade at $96.37 per barrel WTI. The S&P remains in good shape holding above the 1433 level. If the bulls can build on the Fed announcement then maybe we can get to 1450 soon. Of course, we will watch for the sell on the news phenomenon, which often accompanies these types of events.
We’ll let you know how Fed day goes tomorrow.
Have a nice evening everyone.
