Tuesday Market Wrap

For the day the SPX/DOW were +0.65%, and the NDX/NAZ were +0.85%. Bonds gained 2 ticks, Crude rallied $1.90, Gold added $2, and the USD was lower.  Tomorrow: the CPI at 8:30, the ECB starts their two day meeting, the NAHB index at 10am, then the FOMC statement at 2pm.  Friday is option expiration too. The next few days should be a hoot.

I added JAZZ and ALNY as new longs on the P&L today.

Word Games

So why did we pop today? Well it stemmed from a late-morning comment from Wall Street Journal Fed watcher, Jon Hilsenrath, that the Fed may keep its “considerable time” phrase in the newest FOMC directive. People like “considerable time” better than “extended period” I guess. Fun with words and phrases. Amazing how the most powerful economy and market in the world, hangs on a couple of words. Financial engineering at it best.

See you in the morning.




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