The Peter Ships Show

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31st to claim your $75 credit. Well earlier this afternoon the Federal Reserve surprised

nobody by announcing that it was leaving interest rates unchanged at zero but indicated that

lift-off is still scheduled to happen in March although nothing is set in stone. Everything

is data dependent. Although if the Federal Reserve really was depending on the data they

would have raised interest rates a long time ago and they would now be much higher than zero.

The markets though initially were very happy with the Fed's announcement. They actually built

on the lead that they had going in. The Dow Jones was up about 400 points a little more than

that. After the Fed's announcement came out. In fact the market was strong all day following

that big reversal that we had on Monday. We gave up some of those gains on Tuesday with

a very volatile session but today it was up right out of the gate. In fact it looked like

it might have been a down day because Microsoft reported earnings after the closing bell

on Tuesday which actually beat expectations but the stock tanked about 5 or 6 percent immediately

after that. But after the conference call I guess they had some upbeat assessments of

the future and we had a reversal and so the market opened with a very positive bias and

that continued until Jerome Powell actually started talking at the press conference. Somewhere

midway through that's when the market reversed. The Dow surrendered all of its gains. It ended

up closing down 129 points. Although at one point it was down better than 300 points meaning

we had almost an 800 point or maybe an 800 point decline from the highs to the lows. In

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