November 24, 2009
The FOMC minutes released at 2:00 PM contained nothing illuminating prompting MarketWatch to announce: “U.S. Stocks pared their losses Tuesday afternoon after the Federal Reserve forecast a slow recovery could keep the unemployment rate elevated through next year.” Boy is that good news!
A day filled with a mixed bag of news (GDP revision worse than expected; Consumer Sentiment better than expected; Home Prices rise; Chinese banks having net capital issues; and so forth) had stock indexes under pressure early and then “managed” with light volume. The FOMC announcement came with few surprises (everything and nothing was stated), causing Da Boyz to jump on the 2:15 Buy Program Express to keep things propped into the close. We are coming to the end of month window dressing period in case you forgot.
Volume remained light and breadth negative to unremarkable.