Thumb Twiddling Ahead of Fed

As mentioned yesterday, it would be too simple for “them” to run the S&P 500 to 1295 and then reverse back down. We’ve broken above that level today (after teasing above it yesterday) and simply are twiddling thumbs ahead of the early Fed announcement and conference with The Bernank. While I don’t expect a thing new to be mentioned (other than a weaker economic outlook) some traders seem to think there will be a new liquidity program announced. Not sure why they are of this thinking considering the Fed telegraphs any change ahead of time by floating things in newspapers.

(for some reason I cannot add charts to my entries today, so just imagine a big spike upward over the past few days in the S&P 500 up to 1297, with the 100 day moving average just above it at 1301)

For now people are just twiddling thumbs.

About Mark Hanna 542 Articles

Affiliation: Hanna Capital, LLC

Mark Hanna is President and Owner of Hanna Capital, LLC, a registered investment advisory firm. Mark has been a follower of markets since the late 80s, with a focus on individual equities since the mid 90s. He has been a well known commentator in the financial blogosphere for the past 5 years, following a career in corpoporate finance and accounting. Mark attended the University of Michigan where he graduated with a degree in Economics.

As an avid reader, Market Montage is the personal blogging site for Mark to share his views on economics, markets, and the like. Occasional cynicism and wit shall be deployed in his postings.

Follow Mark on Twitter @fundmyfund.

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