Thursday, February 18, 2010
Surprise...Fed Takes Away The Punchbowl
After the close tonight, the Federal Reserve announced that it would raise the Discount Rate to 0.75% from 0.50%. You know... I found it suspicious today when the Euro rallied off the rumor that the Swiss National Bank was buying...hmmm?.. wonder if they knew what the Fed was planning to do? Expect a knee jerk reaction in trading tomorrow. The dollar is; as I type trading around 81 and the Euro just under 135...could tomorrow be a capitulation bottom for the Euro? Below is a CNBC video clip from Fast Money and chartologist Carter Worth's take on the S&P500, Gold & the Dollar.