Closing Brief

Despite the Fed continuing QE at $85bn a month, the market apparently moved into a post-statement depression mood. Most indexes declined by around 1.25/1.5%. Despite the declines the VIX still closed red..and that probably says it all in this bizarre market.


sp'60min

Summary

That was a pretty exciting afternoon!

Certainly, despite the continued QE at max-speed, the market probably just used todays FOMC event to wash out the weaker bulls.

Nothing has changed.

Primary trend remains UP, and I still expect sp'1700s this July.

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*I will look to go HEAVY long the market early Thursday - unless we break trend support @ 1620.,

Bears should keep in mind, Thursday is a QE day of $3bn
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