Wednesday, 12 December 2012

1pm update - post FOMC reaction

The FOMC annoucement was exactly as they stated at the mid-September FOMC. So, no surprises. The indexes are moderately higher, but so hyper ramp. After all, we're up 90pts since the recent sp'1343 low, the easy money has already been made on the upside.




Algo-bots triggering the 1434 short-stops.

The next few hours will likely remain choppy.

Suffice to say, we could close up...could close down. Every Fed day is always a bit of a real mess, and the real direction, might not be discernable for some days..even weeks - as was the case at the September FOMC.

Metals showing a little strength, but nothing dramatic..yet.
*Bernanke press conference @ 2.15pm EST.

UPDATE , regarding Gold...

lets get this clear, the Fed is now doing 1 trillion a year QE..and Gold is still under $2000, a level that the gold bugs have been screaming about since 2009/10.

GLD, is getting a bounce, but I would be surprised if it can break above the 50 day MA 167

UPDATE 1.30pm, choppy metals, seeking GLD <165, for a clear break

GLD, 60min