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Herd on the Street


Deflation is bullish?


A muddled FOMC announcement left rates unchanged and, as I'm sure you know by now, cited economic weakness as the biggest risk. The initial dip was greeted with a hearty blip and the dandelion tape continues to blow higher. I don't think there were any shocks, per se, and agendas that were in play remain so as we round the contra hour and eye the closing bell.

I did little on the announcement (was reading the text) and nibbled ever so slightly on the first move (which is typically the false move) to put 'em back out on this lift. While I want to hear what Cisco (CSCO:Nasdaq) has to say, I continue to believe this is a textbook blow off that will end this recent rally phase. The trick, Mon Frere, is gaming when it peters out.

The dollar has taken another leg lower (if you care) but the breadth continues to impress. I'm tempted to add another furry appendage here but, as my first leg went in at S&P 930, I don't wanna trade too tight. If we squeeze higher towards the closing bell, I may pull the trigger but that's not a given (the rally or the appendage). Stay on your toes, Minyans, this one's far from over.

I'll be back.
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