PRE MARKET

Futures are down a wee bit after an up day yesterday. Loved yesterday’s action in growthland. Hopefully, it continues. Other areas bounced including OIL PRICES which rallied back above the 50 day but most oil stocks remain gross.

Today is fed day. They spent the last two days playing Space Invaders, Ms Pacman, Galaga, paper football and watching reruns of The Beverly Hillbillies. Today they will raise rates a whopping 1/4 point to 1.5% and then say blah blah blah incoming data, blah blah blah economy, blah blah blah jobs, blah blah blah!

Remember, most of the market is in the soup…below the 50 day but above the longer term 200 day. The positive is that after a 15 month move higher, this is nothing more than a good consolidation of the 15 months. The negative is there are still a ton of areas in poor shape…led by a very weak Europe. But as stated, very good action in growth yesterday and Financials (while buckling) continue to be mostly in shape.

As far as Facebook (FB), it is now in no man’s land…below long term averages and more importantly, may be in the cross hairs of the failed politicians in Washington.