well everybody had access to the statement but how many people read it from beginning to end. i know i didnt until just this morning. if i had read it properly i would have had a good day yesterday. eurodollar futures and us bond futures back to same levels roughly after rallying immediately after the statement. euribor futures and european bond futures all started selling off from midday yesterday and are now below pre statement levels. cnbc went into overdrive immediately the statement came out with comments along the lines of 'this is the most dovish statement ever' and 'the tightening cycle is officialy over' and ' dampened inflation concerns'. i tuned in from home to see what was going on and just assumed that they were right along with various other fed watchers that made the same comments. however this friday morning it now seems apparent that some fed watchers are back tracking on their original calls and the statement is not what it originally seemed. Lesson (1) : dont assume that media and fed watchers are right just because they extract parts of the statement to back their own view and bias. Lesson (2) : read the statement IN FULL in the morning after before trading instead of assumming,buying dips and losing money as a result of my own naivety. As of yet the stocks have not retraced their up move. If no down move today can only assume the stock markets will trade higher into next week
sorry I didn't hear the hawks on CNBC...all I heard there was "interest rates remain unchanged..." and watched things spike up with the orders I put in That being said, 10am will be closely watched with the 1st piece of housing news...it'll be enough to digest and work for the morning, and maybe after if it comes out worse then expected....which would parlay into Monday with Round 2. Overseas indices were mixed, as they all had fractional movements as well today...