27-Jan

Quiet Inside day before Fed Day

The FED announcement is tomorrow and there is no surprise for interest rates. All eyes will be on the statement made. Today the market traded range bound and created an inside day on the SP500.Paper Products, Semis and banks were the stronger sectors as Airlines, Gold and Retail were the weakest sectors.Consumer confidence fell to its lowest level on record. This morning's Case-Shiller numbers indicated that the accelerating and steepening decline in home prices (deflation) continues. The Composite 10 fell 19.1% from one year ago, while the Composite 20 fell 18.2%. With more and more foreclosures coming to market, some of the percentage declines in areas in the US are truly staggering. Phoenix -32.9%; Las Vegas -31.6% and San Francisco -30.8

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