All in all it was a rather boring day in the equity markets as participants spent the first 5 hours awaiting the Federal Reserve decision, then the last 1 ½ waiting for Google earnings after the close. Action all day seemed mild as the markets sold off yet breadth remained positive and volume light. 

We moved forward with our caution flags raised today as we didn’t interpret the comments from the Fed as encouraging and many stocks we hold or are watching seem to be extended.  

The story of the day came after the market as the mighty Google (NASDAQ: GOOG) reported a poor quarter and was slammed, selling off close to 75 points before stabilizing.

While we have raised our cash levels and feel as though we have positioned ourselves for what could be some tough going tomorrow, it will be very important to be patient and attempt no heroics.

2006 has been good to Shark Investors so far, now it will be important to protect profits while Mr. Market dishes out some pain.

Have a good evening.