- Stocks that broke out going into the Fed announcement, such as retailers, are giving back the gap higher. Volume is key.
- The market is responding more negatively to "disturbing" reads on the macroeconomic front. I think the Empire State index was "disturbing" for these reasons: (1) it was worse off a disappointing prior-month figure; (2) new orders remain soft; (3) employment was weak, thus fanning the flame of the idea that the Fed is unable to help; and (4) inflation expectations were up relative to slowing growth and amid the new Fed action. Although this report stank, the market did not get itself into a selling tizzy, which would be seen in across-the-board selling.
- A bellwether company in FedEx (FDX - Get Report) has downplayed the impact of QE3, has lowered growth estimates and has cast a dark cloud over non-transport stocks -- for example, Amazon (AMZN).
The Day Ahead: And, Suddenly, the Sky Is Falling
Sep 18, 2012 | 09:00 AM EDT
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