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About the FOMC The term "monetary policy" refers to the actions undertaken by a central bank, such as the Federal Reserve, to influence the availability and cost of money and credit to help promote national economic goals. The Federal Reserve Act of 1913 gave the Federal Reserve responsibility for setting monetary policy. The Federal Reserve controls the three tools of monetary policy-- open market operations , the discount rate , and reserve requirements . The Board of Governors of the Federal Reserve System is responsible for the discount rate and reserve requirements, and the Federal Open Market Committee is responsible for open market operations.
I. Thou Shalt Heed the Price Action. II.
Posted by Derek on October 19th, 2011 On August 3, we had a great reversal at $ SPY 123.53 that led to a strong close…I laugh at myself for thinking that could be a low. On that close at 126.19, 22% of stocks closed above their 50 day average. On August 31 we were rejected at 123.5 with 24% of stocks above that average. Tuesday? We raced up to 123.50 before pulling back, with 68% of stocks above their 50 day average.