I still hold my bullish sentiment. We didn't reach the levels I thought we would reach yesterday, but I am still confident we have some upside left to climb.
Tomorrow morning's price activity shouldn't be very exciting ahead of the FOMC rate decision.
The rate decision will be made at 2:15pm EST. Look for some volatility at the time of the announcement. Be careful here. I wouldn't advise making any short term trades at or directly after the announcement as the markets usually react with high volatility at that time.
We can expect that there will not be any rate changes, but the key here is how the foreign exchange markets react to the FOMC guidance. I am expecting that the sentiment on the dollar is negative and as a result we will see the markets climb. This is why I remain bullish for Wednesday Nov. 4th and hope to see some of the gains that we didn't see on Tuesday.
Overall: Expect the market to be flat ahead of the announcement, volatility just before, during and after the FOMC announcement, and eventually turn to the upside as folks buy equities in response to a weakening dollar.
Overall: Expect the market to be flat ahead of the announcement, volatility just before, during and after the FOMC announcement, and eventually turn to the upside as folks buy equities in response to a weakening dollar.
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