sp'60min
Summary
*price action is bullish.... price structure is...offering a possible bear flag. So... the remaining two hours of the day will be somewhat important.
--
Well, QE taper'5 is expected.... I'd be real surprised if they don't.
-
*The Yellen will appear sometime around 2.30pm.
--
2.03pm... QE taper... as expected.
Indexes look relatively stable...and now its case of what Yellen has to say.
-
2.12pm.. choppy indexes, but there sure doesn't appear to be any downside power.
Unless Yellen says something really stupid about int' rates....equity bears are going to have problems all the way into the Friday close.
-
2.23pm.. R2K making a play to break the key 1180 line. If so...then 1190s..within 1-8 trading hours, and that'd be major confirmation of where we are headed by mid July.
2.32pm... I've a super tight stop on my IWM long..... if Yellen says anything marginally stupid...I'll get the kick for sig' gain on at least on that.
2.36pm... possible reversal underway....I think I'm about to get stopped out...
EXITED IWM LONG block.
2.38pm... So, I'm outta my index long, but still holding LONG, CHK and WFM, will not be exiting them until sig' higher levels.
If market drops into early tomorrow, I will re-pick up an index block.
So...lets see how rest of the day goes....
2.44pm.. It does appear we have at least a moderate reversal underway.
Seeking weakness into early Thursday..and then UP into the Friday close.
2.49pm... Bears need a break <1940.. .to offer that bear flag.... hmm, will be tough... I don't see much downside pressure..other than minor cyclical retraces.
Regardless...so far.. Yellen ain't said any stupid things.