David Fry's  Instablog

Sometimes when a serious bearish trend is developing premature buying can be just so much wasted buying power. This is what occurred Monday as a 200 point DJIA gain sputtered to an indecisive but mildly positive finish. My instincts tell me, barring any unforeseen news, the entire week may be like one really long Fed day.

You know how it goes -- there's not much happening all that day until the announcement at 2:15 PM. But the news cycle is impossible to predict and there will be important economic data still to come this week. If that data's poor, look for markets to rally on QE3 hopes. Then we have ongoing domestic and overseas bank turmoil that remains a news rollercoaster.