Also, Buffet came out and said he is not seeing any economic recovery in his 80 odd businesses: http://www.cnbc.com/id/31526130 I think that tempered enthusiasm. I'm hoping for Boeing to tank into the 30's, then i'm loading up.
The FOMC notes did not indicate any further purchases of U.S. Treasuries . . . as a result, rates rose, the DOLLAR surged, and the equity market came under pressure. Pretty simple stuff.
Myself, and a good number of our traders always play the "FED" - this is one of the most predictable times to trade via enveloping. Started selling when E's were at 903-904 range, covered down around 900 or so...some use gE, some use SPY. Bought and sold the noise in the 893-898 range. Trading the noise, gotta love it. However, not anything much for the overall investing community.. have to agree with that. All the best, Don
even simpler explanation...2 days of donuts and ice-blended coffee... watching all the great analysts on cnbc and bloomberg on projector tv and letting interns summarize a report/minutes
880 seems like the line in the sand, but my gut tells me we hit new fresh lows by the end of this year. The fed event was a non-event. It didnt really matter. The downtrend has started and a pierce of 880 will make it fall fast.