Off the Charts

Investors rode the roller-coaster Monday in a market that has increasingly become an amusement park run by the Fed and the journalists that cover it. The S&P opened sharply higher and continued to climb after the opening bell, breaking above the recent mini-range. However, the market dropped sharply at around 2 p.m. when a report hit the wires from Financial Times journalist Robin Harding that said the Fed would likely signal in Wednesday's rate decision that "tapering" was imminent. The S&P pared most of the day's gains, but was then able to bounce sharply again in the last hour of the session to close the day with a doji candlestick. The S&P finished up 0.76%.

As is often the case leading up to important economic announcements, the market could remain choppy until Wednesday's Fed rate decision. When one piece of news has the potential to substantially move markets, both bulls and bears are reluctant to make big bets and chase prices in either direction. The Fed has been massaging down QE expectations in recent meeting minutes, and most observers anticipate "tapering" to begin in September. The tone of the Financial Times article matched what seem to be current consensus expectations, so the sharp mid-day sell-off was a bit peculiar....1034 more words left in this article. To read them, just click below and try Real Money FREE for 14 days.

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