Always place narrow-range events in context with the ongoing trend- range axis and evolving price pattern before taking a position.
I have not talked to the board members or the members of the FOMC--the Federal Open Market Committee--in a couple of days; however, I do have a fairly good idea of what they would be saying if they were here today. Treasury Secretary: What would that be? Fed Chairman: There would probably be some disagreement with respect to the earlier question--is this an emergency or not? However, there would be no disagreement on the best mechanism for responding to any emergency: They would sternly urge that all funds be funneled through the Fed's standard channels--namely,252 Crash Profits: Make Money When Stocks Sink and Soar through the banking system.
The big changes during the latter part of the sample period were an increase in the relative price of skill-intensive nontraded goods, such as finance, insurance and real estate.