Hi all - I'm another refugee from ADVFN. I mainly trade EUR/USD and USD/CHF as a pair. Any other fx traders here?

snowflake

There's a very good FX trading thread on the Traders' Room.

Al

Big Al, thanks. Will look into it.

long S&P 64.4 & 68.5 s/l on

Now having an ice-cream break! - keep losing track of time, sorry everyone, but a belated good afternoon!

1070 on the S&P gone

Here's text of Fed's statement:

For immediate release

The Federal Open Market Committee decided today to raise its target for the federal funds rate by 25 basis points to 1-1/2 percent.

The Committee believes that, even after this action, the stance of monetary policy remains accommodative and, coupled with robust underlying growth in productivity, is providing ongoing support to economic activity. In recent months, output growth has moderated and the pace of improvement in labor market conditions has slowed. This softness likely owes importantly to the substantial rise in energy prices. The economy nevertheless appears poised to resume a stronger pace of expansion going forward. Inflation has been somewhat elevated this year, though a portion of the rise in prices seems to reflect transitory factors.

The Committee perceives the upside and downside risks to the attainment of both sustainable growth and price stability for the next few quarters are roughly equal. With underlying inflation still expected to be relatively low, the Committee believes that policy accommodation can be removed at a pace that is likely to be measured. Nonetheless, the Committee will respond to changes in economic prospects as needed to fulfill its obligation to maintain price stability.

Voting for the FOMC monetary policy action were: Alan Greenspan, Chairman; Timothy F. Geithner, Vice Chairman; Ben S. Bernanke; Susan S. Bies; Roger W. Ferguson, Jr.; Edward M. Gramlich; Thomas M. Hoenig; Donald L. Kohn; Cathy E. Minehan; Mark W. Olson; Sandra Pianalto; and William Poole.

In a related action, the Board of Governors unanimously approved a 25 basis point increase in the discount rate to 2-1/2 percent. In taking this action, the Board approved the requests submitted by the Boards of Directors of the Federal Reserve Banks of Boston, New York, Philadelphia, Cleveland, Richmond, Atlanta, Chicago, St. Louis, Minneapolis, Kansas City, Dallas, and San Francisco.

In recent months, output growth has moderated and the pace of improvement in labor market conditions has slowed. This softness likely owes importantly to the substantial rise in energy prices.

That's the bit that has stopped today's light volume rally.
Are we in a small soft patch or walking into quicksand?
The US markets priced in Nirvana with ref to profits/job growth earlier
this year. If we aren't going to get it, then what are we doing pricing
it in at these levels?

Melnibone.
(Still Bearish, but still looking for an oversold bounce.)