Wednesday, April 11, 2007

Fed Minutes Released. Fresh Leg Lower For Stocks

The Fed: March meeting minutes show FOMC wanted flexibility. It seems that if they had their druthers, they would be more inclined to lift rates, but are recognizing the downside risks in the economy as well.

Couple this with the earlier IMF statements about slower economic prospects with higher prices (isn't that known as stagflation?) and stocks are near the lows of the day.

Let's see if previous resistance at S&P 1440, can now be support.

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