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We’re in the home stretch. Mid-term elections are
tomorrow. And then we get the Fed’s announcement on a new round of
quantitative easing on Wednesday at 2:15
ET.
If you’ve never watched the market trade ride after
a Fed announcement, it can be spectacularly volatile. And I would expect
this Wednesday’s post-statement trading to be especially volatile. A
100-point swing or two on the Dow Industrials wouldn’t surprise
me.
Against the backdrop of the Fed and the elections, we have improving
economic data and another solid earnings season.
The ISM Manufacturing Index expanded to 56.9 from
54.4 last month. Readings above 50 indicate growth. The chairman of the ISM survey said,