FOMC Manana

More raises. "They" are obligated given the current economic situation. However with the change to BB from AG it will be interesting to see how the transition unfolds. I'm thinking pop, bang up against "Our New 4 Year High" as ballyhooed by the press and then when the end of the month is over we start the rollover in earnest.

JMHO
 
Raised and language not softened. I always liked Zweig and always agreed with not "Fighting the Fed." But once again the market shrugs the Fed and Oil and the Housing bubble off. Basically a neutral response today. I thought the market had become so complacent yesterday that we might actually rally to just below recent market highs.

Well tommorrows another day.
 
Not to be disappointed we rally on fighting the FED, record oil, a housing bubble, a new fed chairman, and let's see.....
 
Rolled over as anticipated after the month end money flow slowed although couldn't even muster enough strength to rechallenge 11k and 13k in the SIF's. Short-term bottom most likely in @ 9 am chicago but let the market make the call (think hours not days or weeks).

JMHO
 
Well the 9 am low held as anticipated. Mr. Market made an attempt at a reversal day to the upside but that too as expected was rebuffed.

Now we wait and see what next week holds. I will not prognosticate further as I wait for the action to tell me. It is easy enough to see potential support and resistance numbers in our current trading range.

Good Luck
 
Low of Fri. @ 9am 1263.5 in ES holding thus far. No scheduled news to speak of this week. Coiling at present which is expected. If lows continue to hold we may continue an agonizing slow climb higher as shorts unwind.
 
Expanded range downside trend today as sellers came back into the market.

Small early short squeeze up into resistance to fill the gap down set-up a nice trend day down.

Came earlier than anticipated I sort of figured on perhaps another inside day with higher lows but you gotta let the market lead the dance.
 
Not to belabor the obvious but we're nearing a strong support level and are oversold at the moment. However that is the shorterm picture. Longterm we're in for a nasty drop if we fail near term support as selling would gain substantial momentum soon at lower prices.

JMHO
 
Quote from duard:

Not to belabor the obvious but we're nearing a strong support level and are oversold at the moment...

JMHO
More...

After a mixed overnight session this am tested the low at 9am and 10am respectively and the lows held setting up a rally into the close.

We are now neutral with a long-term negative bias.
 
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