Wednesday, February 21, 2007
Back in the Game!
I got filled on my trade at $1.25. I know some of you out there did better which is great.
Anyway, it was a mixed day for stocks today. The SPX fell 2.05 points to 1,457.63. We are in the green.
The CPI (consumer price index) number was the major story on the session with consumer prices rising more than expected. The headline figure was up 0.2 percent with the core rate up 0.3 percent. Both were a tenth above estimates and kept the year on year rate above the Fed’s comfort zone. The CPI is now up 2.1 percent this past year with the core rate up 2.7 percent.
However the early gloom surrounding this negative news lifted mid day as the Fed minutes were released. The minutes from the January meeting showed that the Fed sees inflation cooling. Though the Fed wouldn't say that they will not raise rates further, they did insinuate that unless things worsen, rates will remain on hold. This is in line with recent Fed speeches that have cautioned about inflation, but pointed to better times ahead.
On the oil front, oil broke $60 a barrel today. Listening to CNBC today they blamed Iran tensions on the rise.
Not many other economic events this week so hopefully it shoould be nice and quiet!!
Until next time.
Anyway, it was a mixed day for stocks today. The SPX fell 2.05 points to 1,457.63. We are in the green.
The CPI (consumer price index) number was the major story on the session with consumer prices rising more than expected. The headline figure was up 0.2 percent with the core rate up 0.3 percent. Both were a tenth above estimates and kept the year on year rate above the Fed’s comfort zone. The CPI is now up 2.1 percent this past year with the core rate up 2.7 percent.
However the early gloom surrounding this negative news lifted mid day as the Fed minutes were released. The minutes from the January meeting showed that the Fed sees inflation cooling. Though the Fed wouldn't say that they will not raise rates further, they did insinuate that unless things worsen, rates will remain on hold. This is in line with recent Fed speeches that have cautioned about inflation, but pointed to better times ahead.
On the oil front, oil broke $60 a barrel today. Listening to CNBC today they blamed Iran tensions on the rise.
Not many other economic events this week so hopefully it shoould be nice and quiet!!
Until next time.
# posted by Paul @ 5:56 PM 
