Pinnacle Activity Ticker
The Fed Statement on Wednesday April 25, 2012 Will Steer The Ship
Pinnacle Digest writes:
Today’s market is showing signs of life again in the US. 3M (MMM:NYSE) and AT&T (ATT:NYSE) both beat earnings estimates. In addition, home sales beat forecasts showing that the housing rebound may be gaining momentum.
Technical indicators are making a case for both the bulls and the bears; however, none of this data matters if the Fed disappoints in its statement tomorrow. Earnings and technical indicators aside, this market is anxiously awaiting what the Fed will say in its speech on Wednesday. The market is optimistically hoping for further asset purchases by the Fed, but the reality of that happening at this time is slim.
If the Fed leaves the door open for further monetary easing, then that may be enough to keep this market afloat for a little while longer.