I thought today was very bearish. The Fed to there credit did all that I thought they could do. As one commentator put it though the end result was the statement had "Nothing for Everybody." It is always harder to take back what was given than giving originally.
Now to the markets. I read another piece that said "I'm shorter than a circus midget--and the last thing I wanted to see today was the market go down." I think that sums it up pretty well. All today did was work off a little (there is still alot more) of the oversold position we have been in. The key points today were three fold, the dollar, oil, and the financials. All of them were bearish for the markets in the near term. The dollar fell after the Fed announcement. The Brazilian real broke below $1.60 against the dollar for the first time ever (I think). Oil was down 3% earlier in the day on inventory data. It finished down about 1.5% which means the Fed did not do anything in maybe hoping to address that issue. The biggest however it the financials. The entire financial banking index as measured by the XLF was up up 2.5% earlier today!!! After the Fed announcement it crumbled into the close and was actually down on the day before finishing up slightly. The bulls were praying, hoping for some catalyst in this Fed meeting to change the status quo of the last few weeks. Unfortunately for the bulls, those 3 things in the last hour in half tell me that nothing changed. Those 3 things should be watched very closely tomorrow morning. In general I think that means we are headed lower in the relatively near term.
Today was a day from an investor standpoint to do nothing. These types of days I try to sit back and not do much. Do a little bit of research and let the market decide where it is going.
I hoped you enjoyed the movie. It did not disappoint if you are a market nut.