The Fed day was exciting for day traders and the media. But the buying intensity pooped-out in the last hour much like the previous Fed announcement. Investors got exactly what they expected and the current announcement was basically the same as September.
While we have Jobless Claims data tomorrow, the next big thing is Friday’s unemployment report. That report should set the tone for much of November. The consensus estimate is for job losses of 175,000 but with a wide range. While this is a much manipulated government report (the “birth/death model” is a joke), we’ll see how investors play it.
Earnings reports tonight were basically well received despite how poor they were. CSCO beat much lowered expectations as sales and profit fell. No matter how you view such nonsense, below is the after hours trading data:
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Let’s see what happens and you can follow our pithy comments on twitter.
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