It is very important for market to get good news to change the negative sentiment. We got some this morning from NFP. Better than expected data is going to be a relief. Watch for more positive econodata (if it comes) to reverse the notion that US economy is heading for recession. I think that market can deal with slow growth, but not a recession.
Side note FED decision on Tue. is not accompanied by a press conference. Thank God! I can just imagine what Bernanke would have to say to reporters in order to calm the markets. Statement language will be scrutinized for possible QE3 hint. Can we please take care of this mess without govt's help? Let the markets work their magic, I say. Somehow I think they (FED) panic and do QE3 anyway.
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