Waiting on the Fed

Equities markets have slowed to a crawl in front on today’s announcement from the Federal Reserve’s Open Markets Committee (FOMC) meeting (see Dow chart). Equities have rallied strongly in the last week culminating with yesterday’s announcement that the longest recession since World War II had ended in June 2009.

Will the markets breakout higher after the announcement or will it be a case of “buy the rumor sell the fact”? Futures technical contributor Garrett Jones issues a market alert as he remains bearish and has earmarked Sept. 21 as a technical turning point. Expectations are for no policy shifts from the Fed but some analysts expect them to give clues regarding potential further quantitative easing. You won’t have long to wait.

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