On the October 29, 2010, edition of the radio program Marketplace, a senior editor at CNBC.com, John Carney, made the predicition that (and I apologize as I am paraphrasing) that regardless of the annoucement by the Federal Reserve on Wednesday (November 3), that there would be a sell-off on the stock market.
Since this post is filed under the header of veridicition, where I verify prediction, you know where this is going.
So Wednesday rolls around and the Dow Jones is up for the early part of the day until just after 11:00am when it meanders into negative territory.
The S&P 500 and NASDAQ were also up for the day, 0.37% and 0.27% respectively.
05-NOV-2010 UPDATE: The Dow shot up 219.71 points, or 2.0%, on the first full day of trading after the Fed’s announcement.
Mr. Carney can take solace in the fact that he made another prediction on the same program that the upcoming lame-duck Congress will include an attempt to forgive banks regarding the foreclosure mess. At least he has a chance to bat .500 so stay tuned.