Earlier today I previewed the Fed's statement, saying it would not help the market. As you can see by looking at the market, I was correct. The market did not like the neutral Fed statement. It wanted the Fed to be more dovish. However, what the market must understand is that the Fed just raised rates. The Fed has an ego. It doesn't want to cut rates after raising them; it would cause it to lose credibility. The reality of the situation is the Fed will lose credibility regardless of whether it raises rates or not this year. It cannot walk back the mistake which was the hike in December. Sometime by the end of the year it will be forced to cut that quarter point when the recession is obvious. Unfortunately, that won't be enough. It will be boxed into a corner, possibly causing it to do QE4. QE4 will not work. The Fed's time is up. There will be a reset which will not be good for equities. Facebook Predicting earnings is difficult. I am going into the close short Facebook. I think it will have great user numbers on Instagram. The earnings outlook will be tough because the economy is slowing. I am predicting bad guidance like what happened with Starbucks and Apple. This will cause the stock to go down tomorrow. $FB, Meta Platforms, Inc. / 1440