Dow decreased by 150 points now. The market chose to focus on Fed statement that we would not print money now, no QE3 in the near term. This decision will never determine the direction of the market. It is the economical reports and the earnings that determine the direction of the market. The thing is if FED choose not to print money is an indication of Strong Economical Fundamentals, not Weakness.
Today and yesterday I feel, the market got it wrong in going down. Perhaps it went down because last week people thought Ben Bernanke gives hints to print money. Market might be dissapointed this isn't the case now.
Upon checking the ADP employment report, it is slightly, only slightly more than forecast today, 209K compared to expectations of 205K. Though not by a bigger margin to push the market forward, but still quite in line or better than expectation.
Hence I do feel it might be a chance to catch some stocks that are among the selloff today. I would not want to sell off my stocks today amid the selloff. (Apple at $620 looks attractive after dropping $10 today.)
Let us wait a while for the Non farm payroll on Friday before making a decision. Non farm I feel, may not be that bad. But let us see the report before you decide to sell anything. And please bear in mind that next week is start of Earnings Season. Google giving earnings announcement on 12th April! If Non farm is not that bad this Friday, I feel market would not go down much this month.
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