Market has been slow moving and flat for the most part since the the downturn after the worst home sales number on record. We have moved back up to try and test 1090 which is a nice level to go short. I would be going short now if it wasn't for the FOMC announcement coming up. After the announcement I will be biased to the short side as I look for good entry points once the market settles down a bit following the news. Again, not trading anything for at least 15 to 30 minutes after the announcement. Maybe the market will tank and I will have missed the opportunity to get short. If that happens, so be it.
I expect the Fed news to offer some positive comments. They are bound to discuss the fact that China is no longer pegging the Yuan to the dollar. They will say that this will be good for the US trade deficit with China and they will say that they expect exports to China to increase. I will be looking to short the 1100s if we move back up to test that level after the announcement. But, nothing to do now, I am flat, waiting to see what happens...
NOTE: My downside bias of the moment will change if we confirm a move above 1105 on the ES.
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Nothing but chop so far after the Fed News which just restated the obvious and really didn't offer any substantial news...
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