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Watch the Fed's Wording Today!
Our hats off to Mr. Bernanke. The “Zero Interest Rate Policy” was good at helping to banks restore some sort of equity to their balance sheets, but long term it was not going to do what we needed it to do in the overall scheme of turning us around economically. The “risk free profits” for the banks turned their interests away from making new business loans. This is what traditional banking was all about! In order to turn around this economy, we need small business loans to grow. The days of “risk free profits” slowly being put to an end is a good thing.
Now we shall see what they are going to do today! The "wording" in today's Fed announcement will have great influence over the markets this afternoon. Be ready!
It is a Mixed Day for the Markets
The QQQQ is quietly saying "sell me" while the SPY whispers on the other side "byu me." So we are not sure which direction the markets are going all signals are vey quiet today.
Keep an eye on Natural Gas (UNG) Consumer Staples (XLP) for possible bullish moves today. Also watch International Mid's (EFA) Consumer Discretionaries (XLY) who softly wish to move in a abearish direction today.
Our markets may hinge upon our announcements.
Disclosure: none
What are the ETFs Like This Morning?
"A preliminary report on consumer confidence Tuesday is expected to show a slight decline after three straight months of improvement...The February estimate would be a long way from what's considered healthy: A reading above 90 means the economy is on solid footing. Above 100 signals strong growth." (By Anne D'Innocenzio, AP Retail Writer)
We willsee what type of effect this has on our markets this morning. Watch the SH, SLV (bearish) and (XLK (bearish today)
Disclosure: Bearish in XLK