We have a pretty interesting two hours left of the day. Perhaps even more important than the FOMC announcement, will be the Bernanke press conference. It will be the last one for the Bernanke as Fed chairman, prepare for some stomach churning question/comments from clown finance TVs Liesman.
Well, here we are...endless weeks..and hundreds of posts across many chart sites.
Its the last big event of 2013...so..lets see what the Fed have.
I'm holding to my original outlook of 'no-taper'.
2.02pm.. Taper....of $10bn... that is indeed a surprise.
Market is naturally somewhat upset..but VERY twitchy.
2.04pm..indexes snap..back to green.... Having fun yet?
2.06pm.. in other news...
QE annually still totals $900bn .... market rallying...bears will be understandably outraged!
2.07pm... moon ramp baby! oh yeah... Mr Market in the mood to nuke the bears.
End year target remains sp'1830/50.
2.10pm.. extraordinary candle on the hourly charts...VIX getting destroyed.
2.12pm.. hyper-bullish engulfing candles EVERYWHERE....so long as the Bernanke doesn't say anything to annoy the market....
we'll close in the sp'1800s, with VIX 14/13s.
Incredible...and for the equity bears out there..this is one hell of a way to end the year.
2.15pm... still pretty unstable..but baring a break back into the 1760s - which seems unlikely, we'll battle upward into the close.
After all..everything is so great now in the economy..we only need $900bn of QE per annum.
2.17pm.... the hourly chart candle truly is...nuts...
As noted.baring a break <1770,...bears are nuked..toast.
2.23pm.. market wants to soar into the 1800s...and smite the bears into early 2014.
There is NOTHING stopping the market from rallying now into the late spring.
The grander target for this post Oct'2011 wave remains sp'1950/2050.
*just look at the VIX....set for a close in the 13s.
2.46pm... sp'1800s...and the Bernanke is speaking....
What a day!