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Well both the Dow and the S&P manage to make new record highs today following the FOMC's

2 p.m. announcement and the 230 press conference with your own pal.

Nasdaq eat out a smaller gain, not a new record high.

They're quite a bit of ways now for the Nasdaq.

And I think that index is going to hit lower as we continue to see the rotation out of the

high multiple growth stocks into the lower multiple more defensive value and dividend

paying stocks, particularly those that are located outside the United States because those

economies I think are going to be stronger and their currencies are going to be stronger.

So that's where the real money is going to be flowing.

But I want to focus for the purpose of this podcast on what pal said today, what he didn't

say and how the markets are reacting to both.

In fact, before we got the announcement from the FOMC and again, there were no surprises

in what they did.

I mean, nobody expected them to raise rates.

They're not going to cut them because they're at zero.

But there may have been some anticipation that the Fed would have said something about

...