Markets were little changed ahead of the FED meeting but the averages closed near the lows for the day. Dow dropped 60 in the last ½ hour & S&P closed near its lows in a range of only 8½ points. The internals were stronger with advancers leading decliners 3-2. Volume continues at 1.2B, near the lowest levels for the year. Morgan Stanley recommended selling big banks although Bank of America (BAC), on the right, was down only 12¢. There is a lot of mention that the purchases of Wrigley (WWY) & Ford (F) didn't stimulate more buying. The big picture story remains the same, everybody is watching for the 25 point rate cut & especially interested in what the FED says.
Oil had traded near 120, it closed at 118.75, up 23¢. Until the FED acts there may be more sideways trading.
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