Bernanke and the FOMC

Bernanake has his first FOMC today and it is expected that he will raise intrest rates another .25, the question in the markets is what’s next?

The housing market is showing a sign of slowing but the rest of the economy is driving hard upwards and inflation is rearing its ugly head, so what will the new chairman do? Will he raise it in May or will he wait for June? It seems that the market experts think that 5% is the magic number but we all know how many times the experts are right - seldom!

So this meeting is important and the markets are waiting patiently…

DOW stuck between 11,200 and 11,350; NASDAQ hovering around 2300; and the S&P 500 is hanging just above 1300.

All of my positions are closed and I am awaiting the direction of the market. Possibly a trade for Wednesday depending on what is said over the next two days and how it affects the market.

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