As expected, nothing of particular interest came out of the FOMC Minutes. Market initial reaction is sell. We'll see if the 1368-1370 support can hold this afternoon. Can't rule out a suckers rally to another new high just yet. I'll of course be looking at opportunities to get short if we do get such a rally.
From the Minutes:
Committee decided today to keep the target range for the federal funds rate at 0 to 1/4 percent and currently anticipates that economic conditions--including low rates of resource utilization and a subdued outlook for inflation over the medium run--are likely to warrant exceptionally low levels for the federal funds rate at least through late 2014.
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