The exclusive Markets Morning Report is supplied by The Precision Report.
The Precise Take – Eyes on the Fed
Big Picture Analysis: At 2:15 pm (or shortly thereafter) the FOMC will make its final announcement of 2011. Details regarding its new communication policy are expected, as are hints of a new MBS purchase program to be rolled out in 2012. Anything else would be a surprise. Since this was only a one day meeting, there will be no press conference with the Chairman. Below, we can see yesterday’s dip was bought at support and the ES is nearly unchanged for December. We continue to believe it will be difficult to commence a meaningful trend into year end (in either direction) given the likely lack of resolution in Europe, but there should be a few more days of decent trading opportunities until volume dries up for the holidays.
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