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Financial news I consider important, with my opinion, which is worth as much as you paid for it.
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Tuesday, March 17, 2009

Fed meeting Tuesday, announce Wednesday

On Monday I wrote about a series of serious steps recently discussed or being taken by the government in an attempt to "help" the financial quagmire. The FOMC is meeting Tuesday, with announcement 2:15pm Wednesday. This makes the next two days basically "who knows" what will happen. This Saturday is options expiration, which historically have had some major game playing by the market.

So Tuesday may be another move down, signaling the recent rally is breaking down. However the Fed makes its announcement 2:15pm Wednesday (click). I am not concerned about the down move unless SPX breaks below 666 with conviction. The Fed announcement could quickly reverse this trend.

So I refuse to buy anything, and I am glad on Monday that I sold 1/2 of many of my lottery tickets that had 50+% upswing in 4 days. (see my twitter account, info in link on right)

Once again, the market could collapse, yet again. Hopefully readers sold some of their positions Monday, from my Sunday post.

Listen to this 80 minute audio from Peter Schiff. If you do, you can stop reading my blog, he pretty much covers 100% the theme of almost all my posts.

Entertaining and Educational Peter Schiff Audio
VERY long for all parts, 10 minute increments, listen to part 1

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