The Wrap 3/16/10

{+++}The Fed spoke their blah, blah , blah today, nothing new and they telegraphed that rates will stay low for an “extended period”.  One Fed governor opined last month that “extended period” means six months. That doesn’t mean we won’t get a surprise discount rate hike over the short term, We saw one last time and it knee jerked us lower for about ten minutes and then it was back to normal.

I must admit, we live in exciting times, as I have never seen a market so directional. We’re long and cautious. As mentioned before, I add a little VXX as a hedge on every up day.

The SPY broke the record today as it went 13 in a row in the green.

The XLF came pennies from the key break out level.

The commodity sector, metals and materials popped and oil FINALLY looks like it may run, we have good exposure there. Let’s hope this continues. We will take profits on the way up as usual if the market allows it.

Hope you had a great day.

One new long on the P&L


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