All Eyes on the Fed

We’re about two-and-a-half hours from the Fed announcement. It’s mostly a soggy day so far. Financial stocks are lagging, although I’ve been surprised by how well they’ve done over the past few weeks. Bill Cara thinks the Financial Spyders (XLF) are “headed for a tumble soon.”
Energy stocks are positive even oil is slightly lower today. Utility stocks are down the most. The Dow Utility Index is now down pretty sharply off its early October high. The index is still up about 17% this year, and over 130% in the last three years.
If you recall, the Dow Utility Index plunged in late-2002. At one point, it was less than 20% above its September high.
Its September 1929 high.
Dell (DELL) is getting squashed this morning. It seems to have found some stability around $29.30 a share. Keith Bachman at Banc of America Securities reiterated his “buy” although he trimmed his forecasts and lowered his price target.
Expeditors (EXPD) is up to a new high, as is Progressive (PGR). It’s a good day for dull stocks! Despite Dell’s news, the Buy List is ahead of the market today. At least, so far.

Posted by on November 1st, 2005 at 11:47 am


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