Thursday’s price action was as slow as we’ve seen in a while. This is curious, since there was news out intraday that the Fed “might” “consider” easing if economic conditions deteriorate. My hunch is that we’ll see a delayed-reaction rally on Friday, DaBoyz evidently having been unwilling to waste the news on a day when stocks seemed too lethargic to respond to stimulus. It came from a panel discussion involving a Fed official rather than from an actual Fed news release. That’s what it will take to put the central bank’s imprimatur on a policy change. Expect this within the next couple of weeks, if not sooner.
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