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Spy Volume Chart
- Thread starter Lojanica
- Start date
Quote from Lojanica:
The only thing holding this market up is expirations....
The small afterhours sell-off in progress is just a reminder of the volatility with alot of traders willing to sell at the slightest hint of any significant news.
Fed raises discount rate to 0.75 percent
Timed as expirations are unwinding. I would think we rollover to 1023 as support for the next leg down next week as the market digest the implications of FED tightening the money supply.
Quote from Lojanica:
We are definitely in rally mode but 1100 is a magnet for expirations this week. China's markets are closed. With China's central bank scare last Friday I would wait and see. They can scare the markets then buy the equities at a discount. They have curtailed treasury buying with the possibilty of interest rate hikes by the FED. Interesting times as always in the markets.
Walk away from the screen or operate without stops on exchange servers at your own peril....
But yeah alot people had their rally hats on last week ...<>...
Open market operations do not have as much power as private financial interests. The jawboning AND rate increase by the FED albeit small are designed to withdraw support gradually as has been telegraphed to begin in March 2010. With expirations nigh and 1100 in exactly the middle of a trading range it is easy to conceive a close at or near 1100 this week in the spoos and then a relatively sharp correction.
Strong day. The FED move didn't paralyze the markets. Selling was easily contained. Next week as mentioned is where the bulls and rubber meet the road. We'll see where the real money is positioned although there are few bulls trapped at present and we are crawling up very steadily.
I would wait to establish swing trading shorts until enough bulls are trapped to cause pain.
Have a good weekend.
I would wait to establish swing trading shorts until enough bulls are trapped to cause pain.
Have a good weekend.
Quote from Lojanica:
Light distribution day in spite of strong asian markets. We need to close strong or face a challenging climb higher for the near future.
No need to worry, they should be able to push it higher once again, its always those late day pushes the market gets that I continue to question, this market has done absolutely nothing since last Tuesday when the dow surged over 150 points. Everyday since has been quiet with very slow volume.
mkt seems like its waiting for some major news