Happy Fed Day!

Today is Fed Day! The central bank will release its policy statement this afternoon and Ben Bernanke will meet the press. I don’t expect to hear any significant changes to their policy. Traders, however, will be paying close attention for any hint that rates are about to go higher. They’re not, but that’s never stopped traders before.

The mess in Cyprus is getting more complicated. The parliament massively shot down the bailout deal. Now there’s talk of a Plan B, or the Cypriots may strike a deal with the Russians. I really don’t know what will happen. The fear is what will happen once the banks open on the island: will there be a massive run? I do think that the issues of Cyprus are far too small to impact investors in the U.S.

The S&P 500 is currently up to 1,557 and we’re again close to the record close from October 9th, 2007 (1,565.15). The S&P 500 fell for the last three days in a row so we’re on track to break that streak. Oracle ($ORCL) is due to report earnings after the close. I think the company can earn 70 cents per share, or more.

Posted by on March 20th, 2013 at 10:33 am


The information in this blog post represents my own opinions and does not contain a recommendation for any particular security or investment. I or my affiliates may hold positions or other interests in securities mentioned in the Blog, please see my Disclaimer page for my full disclaimer.