Wednesday, January 30, 2008

Wild Wednesday

Looks like Ben the Bear is living up to his namesake. The Qs diddled around this morning, with nobody wanting to get too far off the PP pivot. A little over 50M share traded until 14:00 and then ZOOWIE. . .43M over the next hour and 220M for the day. And the last hour selloff brought the Qs right back to where they started. These hyper gyrations are typical of the FOMC announcements. . .what is odd is the settlement back to the mean. At the end of the day we are left with volume up, price down. . traditionally a bearish signal. The markets generally take a few days to digest the FED actions, so I'd expect continued volatility through the end of the week.
I'm taking off for a couple days, driving over to Vegas with my darling wife for a little R&R and to check out the lastest in boom town construction. As a guy who has been in the construction business since he was 16, I'm always fascinated by what the cutting edge architects and builders are up to in Vegas, where 63 new hotels are now under construction, including City Center, a little $ 8 billiion project that's employing 28% of all Vegas area construction manpower. And you thought the economy was in trouble.

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