The markets are hovering on the flat line ahead of the 12:30pm ET release of the FOMC rate decision. Obviously, rates are not going anywhere at this time so it is more a matter of the comments released by Federal Reserve Chairmen Ben Bernanke. This will happen at 2:15pm ET today during a first ever press conference. Into the release, the SPDR S&P 500 ETF (NYSE:SPY) is trading at $134.77, -0.02 (-0.02%). The Dollar has gained some strength this morning but it is likely Bernanke and friends will force it down later to help prop the markets up.
The markets rallied yesterday on anticipation of positive comments from the Federal Reserve. Ben Bernanke has been a friend to the markets and will do his best to continue. The markets are looking for something new on the positive side. The same old positive rhetoric is already baked in the cake.
Look for volatile trading at 12:30pm ET and then a market that gets quiet until the press conference. The SPY is holding under the $135.00 level, its new resistance point. Should this level get taken out today, the markets will most likely see more highs the remainder of the week. If we stay underneath at the close, look for a pull back in the next few days.
Gareth Soloway
InTheMoneyStocks.com
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