Good morning. Futures are unchanged, we're set to open at sp'1651. Metals are a touch higher, whilst Oil is fractionally higher. The market awaits the FOMC announcement at 2pm, with a Bernanke press conference shortly after. An interesting day awaits!
Well, here we go again. Its a fed day, and in this QE supported market, arguably, today is the most important day of the year so far.
What will the fed do ?
I'm guessing...nothing, other than issue a statement of no policy change.
The fed appears to be playing little games with the US markets, and why would they stop now? Release hints of tapering..but never actually do it.
This afternoons price action could be real choppy, but underlying pressure - especially seen on the daily charts is STRONGLY inclined to the upside.
inv. H/S target zone is sp'1670/75, and that is easily viable by the close of today.
*I remain on the sidelines, and am trying to resist getting involved on what could be very turbulent afternoon trading.
9.32am... Captain America opens the NYSE. Hmm.