April 30, 2008

April comes to a close and what better way to do it then by adding a little Fed-driven volatility. At first the market seemed to like the FOMC statement, but late in the day we got a sell-off that put the indices in negative territory for the day. No clue as to what we should expect from the Fed at their next meeting. But the uncertainty was not to the market’s liking. The indices are beginning to look exasperated and some selling pressures may come the market’s way in the days ahead.

Let’s look at the NASDAQ and S&P charts…