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Ix-nay on the Otten-ray

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Something tells me we're not gonna just sit here!

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"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.

R.P

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No positions in stocks mentioned.

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 todd@minyanville.com.

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