Market over-reacts to FOMC

FOR THURSDAY: (7/28) Slightly hawkish statement led to typically illogical unraveling. Trade now waiting on the Bank of Japan on Friday and the daily rumors and retractions there are creating huge moves over there. China also unraveled badly last night and that isn’t a good sign. Failure of the S & P to make new highs on the day also isn’t a great sign. Facebook reported results which simply crushed expectations. The street was expecting $6.01 billion in revenue and EPS of $0.82. Instead it got $6.44 billion – 84% of which came from mobile – and EPS of $0.97 cents. That result is being a little helpful in the after-market.