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Thursday, February 01, 2007

Bulls In Control?

After the Fed policy statement, the market rallied hard, very hard. I am always amazed at how closely the market scrutinizes the chairman's word.

"Be that as it may, a market hungry for some upbeat news since earnings season so far has been uninspiring, market participants rallied around proof that the economy is firming, not slowing. The removal of "substantial" to describe the slowdown in housing and addition of "stabilization" was also greeted with enthusiasm, as was the phrase, "Readings on core inflation have improved modestly in recent months," which excluded the word "elevated" from the last meeting"- Briefing.com

I've noticed in the past, the market will reflex action in one direction after Fed statement, but the trend will be in the opposite direction. Markets, after rallying are at some sort of resistance now. Was the rally a genuine one or was the Fed statement an excuse to window-dress at month end? I don't have the answer. Best bet is to wait for Thurs action for more clues. What are your views?


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