System update 12/12

This afternoon, the Federal Open Market Committee decided to leave its benchmark federal funds rate unchanged at 5.25 percent and made little changes to its policy statement. The Fed repeated that, with core inflation elevated, "some inflation risks remain." The Fed acknowledged that recent economic reports have been mixed, but said despite this, the economy will likely grow at a moderate pace. The Fed also said that the cooling in the housing market has been "substantial."

The market gained back some of it's early lossed, the Nasdaq closed the down half a percent. The system remains in sell mode.