Ix-nay on the Otten-ray
Something tells me we're not gonna just sit here!
"The limited number of incoming economic indicators since the November meeting, taken together, are not inconsistent with the economy working its way through its current soft spot."
--Fed Chief Greenspan, December 10th, 2002
Exsqueeze me? Is that pig Latin? You might as well said "Be bye bo bi, fannana fanna fo fi!" I mean, honestly Elmer, why can't you just say "we don't have as much information as we'd like but, as far as we can tell, things are getting a tad better." You sound like Cher in Clueless when she tries to use sporadically in a sentence!
All (half) joking aside, the announcement was much ado about nothing and traders are trying to read into this non-event. I always like to key off the banks on FOMC days but, truth be told, this doesn't feel like a typical Fed session. Regardless, it's one of our chief tells and I'm keeping an eye on them anyway. As I'm writing, a Macro hedgie just came in and lifted 500,000 SPY. Jeez, if I didn't know better, I'd think he was trying to trigger the "buy stops" sitting out there at S&P 902.50.
Also, lay off on the Duran Duran ribbing...they had some good stuff way back when hair gel and Naf Naf we're "in." Gotta hop.
Todd Harrison is the founder and Chief Executive Officer of Minyanville. Prior to his current role, Mr. Harrison was President and head trader at a $400 million dollar New York-based hedge fund. Todd welcomes your comments and/or feedback at email@example.com.
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