sp'15min
Summary
I realise some will be looking for a major wave lower starting this afternoon.. and eventually taking out the recent sp'1978 low... but really.. weekly cycles look fine.
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Depending on price action after the 2pm announcement, I might pick up another long-index block...
Right now, target entry is the 1995/90 zone.
I'll be real surprised if we fall into the 1980s today.
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updates across the rest of this afternoon... not least if we get some more dynamic price action!
2.03pm.. QE taper... CNBC liesman says 5bn... I think he can't count.
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sp15min
still seeking 1995/90
2.04pm.. CNBC finally realise... $25bn -10bn = $15bn net.
2.08pm.. Well, we hit right in the middle of the target box 1993....
I'm still waiting for things to settle down a bit...
VIX briefly hit 14.53 - yesterdays opening level
2.11pm.. Price action remains twitchy.. and with Yellen still ahead.... there remains possibility of another minor wave lower..if only to re-test 1993.
Regardless, I ain't interested in buying at these levels....just before Yellen.
2.14pm.. sp'2005.... breaking out.... and I ain't chasing it. Oh well, at least I'm not short!
2.19pm.. hourly/daily charts offer 2010/12 by the close of today.
Yellen due around 2.30pm... maybe she'll keep her mouth shut on the issue of rate increases?
2.27pm.. Well.. we're continuing to push higher...
*Dow at new historic high..
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time for the little old woman to start telling us how things are 'on track'...
2.29pm. VIX in the 11s... sp'2007.... new historic highs coming....
2.35pm.. Are we feeling better now, that Yellen is telling us its ALL fine?
Indexes vulnerable... but I don't expect the 1993 low to be broken now.
2.43pm.. Yellen sure is talking about interest rates a lot!
Indexes remain twitchy... sp'2004...... vulnerable to losing 2000.. not that it really matters.
2.47pm.. Equity bulls have little to be concerned about, unless <1995 at the close.