Pre-Fed Day

Not too bad for a Pre-Fed day.

Clearly, everyone is waiting on Bernanke and tomorrow we'll at least be able to put that behind us. As you can see from the following quote - Wall Street is expecting good news no matter what happens:

"The market works in every scenario -- if rates go down, the market says 'soft landing', and if rates go up, the market says 'economy is strong, so profits and earnings are great." - Barry Hyman

And you wonder why stocks are in full-blown rally mode! That statement pretty much sums up the mood of the moment. I'll see you tomorrow morning.