Well, this is obviously still one tough market for the bulls, especially tech bulls. I'm going to have to pull a full-on "flip it" here and note that I think the primary reason that the market is selling off this afternoon is because it wanted (yes, wanted) to see the Fed more hawkish on the inflation front. This market is worried about inflation. Well, at least today it is.
How painful is it going to be to hear all the pundits dissect every word, every letter and every punctuation mark in this release today? You think we all might be surprised about Ben's term as Fed Head when we look back at how he handled his first few years there? Somehow, I think whatever everybody's expecting his tenure to be like isn't going to be anywhere close to reality.
I'm sitting on lots of cash, but am not looking to put it to work yet. Patience and breath-catching are the mantra of the day.
P.S. Will you be there when Cramer makes his next move?
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Cody Willard Blog No Shine on Gold Short 5/10/2006 2:23 PM EDT The Fed was dovish enough for me to move on from this trade.
Cody Willard Blog Cash (and Microsoft) Are King 5/10/2006 12:27 PM EDT This rally's enabling a lot of cash raising and covering.
Cody Willard Blog Shorting Gold Ahead of the Fed 5/10/2006 11:50 AM EDT The metal is up on expectations we'll hear about a pause this afternoon, which I think is unlikely.
Cody Willard is the manager of a hedge fund, author of The Telecom Connection, a newsletter published by TheStreet.com and a contributor to the Financial Times and VON Magazine. He is also a regular guest on CNBC's Kudlow & Company and an adjunct professor at Seton Hall.
He earned a bachelor's degree in economics at the University of New Mexico.
Willard appreciates your feedback -- click here to send him an email.
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