This morning's housing data (see previous post below) came in roughly in-line, a bit better than expected. Expectations were for a decline of -2.2%, the data came in at -2%. So XLF (Financials) initially responded with a little bounce, which has pulled back a bit since.
Fed's Fisher is out this am talking about the economy, "long period of anemic growth ahead" and rate cuts are not getting "bang for the buck". Lately there has been a dramatic shift in the tone of the comments coming from various Fed officials. Obviously, they were very up-beat when the market was ready to sink to new lows. Now that the possibility of a breakout rally is coming into view, their comments have been pessimistic. The obvious read is "slow down the economy/market, but don't let it crash".
Tuesday, April 22, 2008
Housing Data is Out...
Posted by Brandt at 10:10 AM
Labels: crash, crash black monday financial, economy, Fed, Federal Reserve, Fisher, rally, rate cuts, stock market, XLF
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