Eν' όψει FED, όλα stop

The two-day meetings the Federal Reserve is engaging in more frequently have widened the period of pre-Fed “dead space” for the market, where investors and pundits spend more time rambling on about the possibilities for the monetary policy committee. One-day Fed meetings usually create about one day of lackluster action — from about midday of the day before. For some reason, the very existence of a two-day meeting seems to move investors to the sidelines for the day prior to the first day of the meeting, even though the first day of the session is marked by nothing more, than, well, waiting. In 2007 and the first half of 2008, there have been six two-day meetings, and in all but one, the two-day “pre-decision” period (MarketBeat defines this as the first day of the meeting and the day before that day), there has only been one market move greater than 0.5% — in most other cases, the market is stagnant. And the market can’t get much more frozen than a 0.33-point decline in the Dow today, or a 0.07-point increase in the S&P 500. Basically, stocks will begin tomorrow where they began today.
http://blogs.wsj.com/marketbeat/2008/06/23/four-at-four-speculating-about-speculation/