Watching the Fed

This will be a bit of a wait and watch period in the market. Look for the 1248 area to hold the market on the downside.  The major facets should continue this week, declining gold and oil and a stock market that wants to hold here. The dollar should be able to hold it’s own and slowly move higher because of relative strength issues with other currienies.  The US was the first one in the tank, others will now follow.

Mark Hulbert in his column in the Sunday NYT says it well in term of this stock market. Investor sentiment is improving but that is not enough to to do anything but provide a bounce.  His summary is this “when this bear market hits bottom – whenever that may be, stocks will have more attractive valuations and the subsequent market rally will be broader than the recent surge.”

9:32 AM CDT

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