A Strangely Quiet Fed Day

 | Dec 13, 2011 | 12:48 PM EST
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There has been a surprising lack of chatter about the FOMC today. In fact, I can't recall a Fed day when there has been so little speculation about what it might do. I expected at least some comments about the possibility that we might see a hint about further quantitative easing, but I've seen nothing in that regard. Obviously, no one is expecting anything market-moving from the Fed, and that is why the action is so painfully slow once again.

What continues to be the biggest positive this market has going for it is that everyone seems to hate it. Traders are trading for pennies, if they are doing anything, and there continues to be a complete void of leadership and speculation. Typically, one of the nice things about end-of-the-year trading is that there is a higher level of speculative interest in secondary stocks, but there are no signs of that.

If the bulls ever do get something going here, it is going to catch a lot of folks off guard. We saw that occur in October after we hit the lows of the year and we ran straight up for weeks on lighter volume as underinvested bulls kept chasing. The same psychology is evident right now, but so far it hasn't mattered.

It is possible that the Fed could pull off a real surprise today with its comments, especially since no one is expecting it. I don't think it will happen, but anything that gives this market more life would be welcome.

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