Without clear signals & awaiting the FED's meetings on Tues-Wed, markets were only slightly up. Dow & NAZ were barely up while internals were better, advancers were 40% ahead of decliners. The FED is widely expected to cut their rate another 25 basis points but the wording on their follow-up statement will probably have more significance for the markets. Oil is nearing 120 once again while gas reaches another record, 3.60. Kirk Kirkorian is offering 8.50 for another 20M shares of Ford (F), up 73¢ to 8.43. Mars (love their candy) is offering $23B to buy Wrigley (WWY), up 14.50, with help from Berkshire Hathaway, Warren Buffet's company. Many times these offers for large blocks of stocks at premiums help boost the markets, not so today.
Stocks may be held back by an interview Warren Buffet had on CNBC where he said the recession may be more serious & longer lasting than some are predicting. Among other things, he's also worried that higher food & gas prices are pinching hard on consumers.
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