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Open sesame, Scotland the sensible and stay with stocks

I tipped it could be a challenging week for stocks and by Thursday we were off 2% on the S&P/ASX 200 index. Imagine what might have happened if there was bad news!

In D-week for decision time in Scotland, the Fed and even for our Reserve Bank came up with the right decision for our bottom lines.

The positive reaction on Wall Street ahead of the Fed meeting (the WSJ reported that those crucial words “considerable period of time” would not be removed from the central bank’s statement) showed us that when it looks like rates will rise, the stock market will fall and it won’t be pretty. It will probably be the trigger for that overdue correction because both the Dow and the S&P 500 index look to be closing in record high territory this morning, as I write.