FED MEETING

ON 60 Minutes Sunday fing liar Bernanke said otherwise!

WASHINGTON (MarketWatch) -- The Federal Reserve surprised financial markets and committed to buy $300 billion in longer-term Treasurys to help the economy recover. The Fed was more pessimistic about the outlook, in a statement released after its two-day meeting. Officials removed language saying they expected the economy to recover later this year. The Fed tweaked its other credit-easing programs by committing to buy more mortgage-backed securities and agency debt and include more asset-backed securities under a new credit facility starting this week. The Fed repeated that deflation was a risk to the economy. The vote on the statement was unanimous

*In the end it doesn't matter what we think, or what SHOULD be, the market IS rallying and the 800 SPX threshold may be taken out.

Price is coming right to my downtrend line, so should I go long in some manner I will be able to set up a reasonable stop loss.

Admitting FED not seeing or KNOWING the end to this crisis, by removing that language....doesn't give me a warm fuzzy

D