To the surprise of many (myself included) the Fed did indeed decide that QE3 was not to be infinate after all. QE taper'6 will bring monthly QE fuel down to $25bn a month.. beginning this Friday.
*as far as I'm aware, there will be no Yellen press conf.
Expect some serious chop for this hour, but with underlying upside.
Equity bulls should be aiming for a daily close >1972.. which in my view is VERY probable. Even the low 1980s are just about possible on a mini hyper ramp into the close.
What is clear...having watched this nonsense for many years...
This setup does NOT in any way favour the bears.
yours... long the market..via the R2K.... seeking the 1170s by the Friday close.
2.01pm.. QE taper as expected...
Market seeing minor chop.... awaiting the whipsaw higher.
2.09pm.. and away...we go. Next level is 1980.... possibly by the close.
back in 20mins.. ..or so.
2.35pm.... back... and things look on track.
Notable weakness: VIX, -1%.. set for a close in the 12s.
Hourly MACD cycle is offering sig' upside tomorrow, to the 1985/90 zone.. new highs are viable at the Friday open.
2.40pm.. a choppy hour...as expected..and as noted....underlying upside.
Its.... ALL on track (are you out there Eddy?).
Thur/Friday both offering sig' upside.