Extended Period

Yep, that’s what the market was waiting for….the FOMC announcement did not change its language nor the rates. The markets were like taking a ride on the Vegamatic…chop, chop, chop. Even when the markets decided to move up at the end of the day, it was still a chopper. But how long can this last….”Fed pledges to hold rates at record lows for extended period.” Just how long is an extended period? It would be good to know because interest rates will be low for an extended period….excessive unemployment will be around for an extended period…..the housing recovery will take an extended period….I’m gonna take a nap for an extended period.

If you played any of last night’s picks, PCYC was definitely the big winner. If you did play MIPI I hope you got out before the earnings report…it’s trading down 23% afterhours. I also traded SNIC, which was not on my list posted last night, but did have a nice pullback and reversal in the morning.

We’ve got some big time economic reports coming up the remainder of this week: PPI CPI and Leading Indicators. They’ll show us some inflation maybe which should jerk the markets around.

I started on the green beer already so I haven’t done any scans. Oh well, I may just not do any trading. Happy St. Patrick’s Day!