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The Gray Area


Whoa - how goes those emotions? Last night, it looked like all was lost and today it looks like we have turned the corner on the way back to test the recent highs. The reality is that it should be somewhere in the middle. That's right folks, the markets aren't anymore black and white than life - the outcome usually falls into the "gray area," away from the extremes.

In just a few minutes we have the Fed Meeting results announced. While it seems like a no-brainer that nothing new will come out, the remote possibility gives many folks a reason to sit still in anticipation and go out to Duane Reed and buy three bags of candy - not that I would do anything like that! I am such a sucker for candy. Anyway, I would anticipate very little in the way of Fed influence as we all make like we have to be at our desks at 2:14 sharp for the 2:15 release.

The way I see it, the market became too extreme on the upside and has now given a good chunk of that back. The gray area I referred to earlier should be closer to the recent high than we are now, but I continue to believe that the vast majority of the gains are behind investors for the time being and that any further push significantly higher may be met by sellers, as those who chased for performance get closer to breakeven and cut losses calling it a year.
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