Today is a no trade day until the FOMC meeting is over, the FED will talk about alternative strategies other than cutting rates to jump start the economy.
SPY 875 is the key level to watch for to go long with conviction.
Wednesday, January 28, 2009
FOMC day, no trade until its over
A VERY VERY BIG GAP UP this morning due to a bounce from shorts covering. I bet the bears are "Shell Shocked". This is in anticipation of the House Vote for the Obama 875 Billion Stimulus Plan, so a lot of it has been priced in. I am still very Neutral of the market right now because MMs might choose to Sell the News or rally further....
Today is a no trade day until the FOMC meeting is over, the FED will talk about alternative strategies other than cutting rates to jump start the economy.
SPY 875 is the key level to watch for to go long with conviction.
Today is a no trade day until the FOMC meeting is over, the FED will talk about alternative strategies other than cutting rates to jump start the economy.
SPY 875 is the key level to watch for to go long with conviction.
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