A. The beige book said that conditions had
"generally improved modestly".
There were positive signs, e.g. consumer
spending, used autos, etc. Even though
residential construction was weak, it
was reported to be improving.

How you trade this depends on whether
you think the glass is half empty or
half full. I think it's a mixed report
but if you're in a bull market, that
might be enough to sustain an upward
bias.

This kind of mixed report, with both
good and bad aspects, is normal when an
economy is coming out of a recession.
Not everything turns around at the same
time. The market is looking ahead and is
anticipating more favorable conditions
in the future.
db

A. The only one I own : SLX,
too hard pick a winner out all of them