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INVESTORS WAIT FOR THE FED

|Includes:DBA, DJP, EEM, EFA, EPI, EWG, EWJ, EWP, EWZ, FXE, FXI, GDX, GLD, GMCR, GREK, IEF, ITB, IWM, IYR, JJC, JPM, KBE, MBB, MON, MOO, QQQ, RSX, SPDR S&P 500 Trust ETF (SPY), TXN, UGA, USO, UUP, XBI, XLB, XLE, XLF, XLK, XLU, XLY

There's little to comment regarding Monday's market action. Investors have absorbed the Greek default (by any other name, it's still a default) for now anyway. And, not that you care, but new Greek bonds issued to those lucky private holders are already being heavily discounted. In fact, as issued the yields were already steep at 18% but they've already dropped to yield roughly 25%.

What bulls have mixed feelings about are the ongoing reductions in GDP estimates from many economists with most cutting forward view to 1.5% to 1.8%. On the other hand lower GDP growth can be bullish if more QE is the result. Eventually even the latter will be seen as negative if doing this fails to produce better results. Remember, the Fed's balance sheet is now in the trillions and the government has provided additional stimulus in the trillions as well. So far the results of all this is meager economic growth, still high unemployment, a weaker dollar and enormous fiscal deficits.

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Stocks: SPY, IWM, QQQ, TXN, XLK, GMCR, XLY, XLB, JPM, KBE, XLF, ITB, IYR, XBI, XLU, IEF, MBB, UUP, FXE, GLD, GDX, JJC, DJP, USO, UGA, XLE, DBA, MON, MOO, EFA, EEM, EWJ, EWG, GREK, EWP, EWZ, RSX, EPI, FXI