I'm afraid I'm also tending to think that the words in the Fed announcement might be the canary in the coalmine Orwell . After an extended period of telling everyone that the US was on a growth trajectory and that they would be raising ,they've turned around at the last minute and basically said that we have no freaking idea but we're too petrified to raise because it could upset the applecart . So after years of printing ,bailing banksters and whatever else they're basically saying that it hasn't worked and they really have no idea what they're going to do next.
For us here our market isn't bad value on a stock by stock basis ,we've had a really nice pullback ,but if we don't get the follow through of at least stable conditions in overseas equities then we suffer the same fate.
I really did find the words in that Yellen piece to be a little bit disturbing to my way of thinking,didn't even try to instill any confidence ,not their usual form . The only thing that heartens me is that every man and his dog is bearish and many people have exited stocks so I wouldn't be quite giving up yet.
There will come a time to pile in again ,but I think presently we're on alert .
(20min delay)
