Traders are bracing themselves for another tidal wave of earnings in the coming week, but some say it is the Fed that could really soak investors if it maintains its tough talk on interest rates.
"If the market continues to rally into the FOMC meeting and the Fed keeps up its aggressive stance on rates, then you could see a lot of profit-taking," says Al Goldman, chief market strategist at AG Edwards.
The Fed will make its policy statement on Tuesday at 2:15 p.m. EST, in the last meeting overseen by Alan Greenspan as chairman. Greenspan, who will be replaced in the top spot by Ben Bernanke, is expected to bless the Fed's 14th straight quarter-point hike in the benchmark fed funds rate, bringing it up to 4.5%. ...
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| Dow Jones | S&P 500 | NASDAQ | 10-Year Note | |
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