FOMC annoucement/policy statement due at 2pm, with the Bernanke set to do a press conference shortly after. Even if the news is 'good', Mr Market could still move into a 'sell the news' event. Yet, even a move to sp'1620s would do little to dent the primary trend.
15min cycle is arguably fully reset...big upside potencial into the close
60min cycle...half way reset. Certainly, there is easy upside to 1660, but there is equally easy downside to 1640/30s.
*I remain...more than pleased to simply sit this out until early tomorrow.
Eyes on the VIX, bonds, and..of course. equities!
2.02pm.. No taper....no nothing. as expected.
Now lets see if the market still decides to sell lower.
Metals WEAK WEAK WEAK.
2.05pm.. market starting to get moody, post-fed statement depression.
Metals remain weak.
First downside is the channel support @ 1645 just broken. Next key support @ 1635
2.10pm.. rats getting washed out.
A Thursday long position, from the 1630s would be rather nice
2.15pm...and a strong spike higher...in just about everything. Even metals are snapping upward.
It remains a real mess, but again..underlying pressure is UP.
All those touting QE-tapering can now shut up for another six weeks.
The fact Thursday is $3bn QE-pomo day, thats all we need to know.
2.20pm.. VIX ...we're back to a fearless market, whilst the Fed prints to oblivion.
VIX 14s..by the Friday close, if not even today, lol
Indexes still choppy, but as noted...we now have another six weeks of 85bn QE, sp'1700s look a given.
*I will look to take a heavy index-long position early tomorrow, once this nonsense settles down.
2.28pm..urgh..time for another micro-wave lower....amateur traders getting whipsawed amongst this nonsense. What a mess!
2.31pm The Bernanke..speaketh ! Indexes remain in micro-chop mode
2.35pm.. Benny seems even more edgy than normal..which appropriate matches the twitchy market.
sp'1635..first downside target...viable by the close.
2.40pm...5pt sp' swings ...this is pretty fierce chop.
The Bernanke is bullish water!