We are now returning to our regularly scheduled earnings-per-share program.
That's how the stock market reacted to the Fed's statement that it will do what's right by the economy when it sees fit and may be patient or not depending upon whether patience is required ... or not.
So we go back to what brought us here: profit outlooks, opportunity and, most important, pent-up demand. No, not pent-up demand for labor or for sales or for new homes. Pent-up demand for stocks, as so many portfolio managers just wanted to be sure we weren't going to have a "they know nothing" moment.
We've become very binary again, hanging on every word of the Fed, hoping and praying it won't do something stupid. While we are hoping and praying, the money stacks up at the hedge-fund and mutual-fund and pension-fund level waiting to hear if the Fed will blow it. When the Fed doesn't blow it and the big, bad event is over, we rally.
You would think we would eventually have faith in the Fed not to do the wrong thing. I mean, given that we have the strongest economy in the developed world, it would be nice to give them some credit.
But we don't.
Instead, we wait for this big, bad event to be over and then we survey what's in the good-news file and we pounce, which is why I am always saying to get that shopping list ready and apply the funds before others do.
And you are witnessing right now what others do and saying, "Hmm, why didn't I act before when the market was down for what looked to be three straight days?"
The answer? What the Cowardly Lion didn't have but what you need if you are going to win big in this game.
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