Mr Market remains quietly waiting for the FOMC announcement at 2pm. Market consensus remains for QE-taper'3, $10bn reduction...to $55bn. Metals are having a second rough day, Gold -$15. VIX is broadly back to flat.
Little to add....its just a case of waiting to see the style of price action we get after 2pm.
I have programmed trades...ready to execute this afternoon..so long as we don't break >1875.
Primarily.. SDS, a 2x short ETF. Stop loss would be a mere 0.5-1.0%.
Are we excited yet? ;)
Yellen will of course have her little talk with the media...some time after 2.15pm.
1.32pm...minor chop..and we're a mere 2pts from a breakout..with open air to 1883..and the low 1900s.
We'll know soon enough..which way this is headed.