1pm update - afternoon doldrums

I can't imagine any reason why the market would slip back into the 1340s by the close. It really looks like there is a fair chance we'll even close in the low 1360s.


sp, daily, 4mth

VEU, daily

We're around the target zone on VEU. Bears should look for a fail, and the first sign of a turn by the end of the week.


Summary

This time tomorrow we'll know the decision of the FOMC, it will certainly be a VERY rampant trading Wednesday afternoon.

*note, the Bernanke will do a press conference at tomorrow 2.15pm I believe. If the FOMC do not do enough to please Mr market...then the Bernanke press conference could be a real motivator for late day sell-off.

Stay tuned!