Major averages churned yesterday on mixed volume, closing mid-bar after their initial rise following the Fed policy announcement whereby the Fed is standing pat on keeping rates low for a 'considerable time' as expected. Most analysts expect rates to start rising in mid-2015, but that depends on the strength of the economic recovery which, so far, remains weak, and calls into question the truth behind some of the economic statistics such as the unemployment rate which does not account for those who have stopped looking for work. Another flimsy and manipulated statistic is the CPI which has removed certain components once they start to rise too quickly. But it gives the Fed room to keep rates low under the illusion of non-existent inflation. Meanwhile, the price of many basic goods has clearly risen over the last couple of years, calling into question the CPI statistic.
Solar stock Canadian Solar (CSIQ) had a pocket pivot yesterday. Earnings and sales are soaring, group rank 98.
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