The only reason that I am writing to you today is that I failed to hit the Mega Millions lottery last evening. Some lucky tickets holders in Georgia and California had the winning tickets.
Yesterday the market bent but did not break yet failed to deliver my anticipated positive follow through to Monday’s session. As for today, the morning will be a good time to catch a movie as we wait for the FOMC decision in the early PM. Given the light volume of late, I sense that no matter what the FOMC does or says, we could have a violent reaction in either direction. As I have stated, my expectations are that the FOMC takes no action today.
Ford (F) is getting slammed in the pre-market as the company lowered guidance due to the rollout of new model cars in the coming year. I think you are getting a chance to buy a solid company on the decline.
Overall, I expect a flattish session today until we approach the FOMC decision. Then my suggestion is to read, listen and observe but do not get caught up in the cross winds of the sloppy action which is likely to ensue.
Disclosure: At the time of this commentary Scott Rothbort, his family and/or clients of LakeView Asset Management, LLC was long F — although positions can change at any time.
Scott Rothbort is also the publisher of the LakeView Restaurant & Food Chain Report, a newsletter focusing in on food, restaurant and agricultural stocks. A subscription is included with a paid Platinum Membership to Wall Street All-Stars or an individual subscription to the newsletter which can be ordered at www.restaurantstox.com
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