Earnings Review: Ignoring Media and Government Reports

First the market - we continue to cling in a tiny range... can't get
over that S&P 1400 level no matter what.<!--more--> All week everyone sits on
their hands and waits for the Gods from D.C. to tell us what they do
with the peons... we expect 25 basis points and then statements saying
balances are risked, we care about inflation blah blah. Or maybe even
no cut. Either way it doesn't matter much - these are long term
situations yet not a trader on Wall Street can hit buy or sell this
week until they see the action.

This has to be the most telegraphed "we
are stopping after this meeting" I've ever seen, but still the blackjack
players are waiting to see the knee jerk reaction before placing chips.
Will anyone care in October 2008 if rates are 2 or 2.25%? No. But for
tomorrow it's the most important thing in the world. I'm more
interested in Friday's piece of fiction from the government - you know,
the monthly "no seriously - unemployment is not an issue" report.