The market started off strongly this morning, then stabilized and drifted down in anticipation of the Fed announcement at 2:15PM.
The Fed announcement was largely a non-event, in that they didn't announce any new measures to stimulate the economy or the stock market. The market immediately tanked, losing over 200 points, before recovering and finishing up 429 points, with a "rip-your-face-off" rush of the bulls at the closing. Confirming this move was extremely heavy volume of almost nine billion shares.
This is the day after losing 634 points yesterday. The market is very unstable, but is that a bad thing?
Such instability usually predicts there is a fundamental change in market direction. Either we're going down strongly at this point . . . or going up strongly. Let's pray the bulls are right! Regardless, it sure is nice to see them again. In fact, I love the bulls!!
