Stocks Calm Waiting for Fed Decision
Today the Feds will announce at 2:15 PM EST the decision on what to do with interest rates as their two day meeting will be coming to an end. Most investors expect another half point cut to be coming today, even with the three quarters emergency cut last week.
How this plays into the market is anyone’s guess, the volatility has been jaw breaking lately. The NASDAQ just last week hit a new multi-year low of 2202.54, and now is trading around 2350. Coming into today expect a positive response to send the market higher, perhaps above 2400, and a negative response to send us back down under 2300.
Resistance and support are drawn below on the NASDAQ Composite, with a move about 2410 on strong volume signaling higher prices to come from the market as a whole,
Click for Full ViewToday overall we haven’t seen to much movement one way or another with leading stocks, some exceptions do apply though. Yahoo (YHOO) earnings after the bell yesterday did not impress by any means, sending the stock spiraling lower, with YHOO trading right now at about $19, down 8.5%. On the upside insider buying has E-trade Financial (ETFC) rallying up nearly 10% with the stock trading just above $4.50 as of 10:32 AM.
