"Fed Watch" on CNBC is such a joke. I can't believe these guys treat the FOMC's post-meeting comments as if its these folks are omnipotent. The fact is, the world's major central banks and monetary policy is rudderless and woefully off course. These folks have blown such a massive credit bubble that they have no choice but to "manage it". Meanwhile, the folks at CNBC treat its post-meeting comunique as if they're parsing the words of a savant...I continue to watch for signs for when and if the market is going to began pricing-in serious problems accruing within the consumer electronics food chain. Novellus (NVLS) and LSI Logic (LSI) both guided down. There is almost no empirical evidence that suggests that this sector is improving fundamentally. In fact, I see quite the opposite. This occurs even as a day doesn't seem to go by now that the group doesn't get upgrades from the same clueless analyst community that charmed a few billion dollars into the Internet bubble a few years back....The second-to-last day of trading for the quarter, regardless what the Fed said or did, and regardless that final GDP came in at the lowest in four years; and regardless what we heard from Beazer Homes (BZH), KB Homes (KBH), Best Buy (BBBY) and the fore mentioned warnings from two more semiconductor-related companies---stocks pretty much held their own.
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