We are literally hanging by a thread here as the bulls have been able to defend the last hurdle separating the winter of tears from the spring the bears. The 1900 mark may look innocuous enough but if we close below it today then the odds of more downside momentum next increase by a large margin.
I’m sensing quite a bit of exhaustion in the comment section and I can’t really blame you guys. Not only did we have to suffer through almost an entire year of sideways churn, but now that things are more directional we still have to put up with an increasing amount of intra-day volatility. Well, better get used to it, because conditions like these is going to be [...]
Don’t expect much excitement on the equities front today. The Fed meeting starts today and until we get the final verdict on rising interest rates tomorrow things are going to circle in a holding pattern.
The long positions I placed on Monday are looking pretty good now and thus I am afforded sufficient buffer space to weather out a few obligatory volatility swings during the announcement tomorrow. I’m actually moving my stop to ES 1960 now – a few handles above b/e – just in case things get ugly tomorrow (and they may!).
Futures are pretty much dead right now – I only see Forex plays and even here the pickings are slim [...]
As you are probably already aware – the Federal Open Market Committee begins a two-day meeting on Wednesday and will deliberate the first interest rate increase in nearly a decade. Analysts seem to be split over the outcome however I would be rather surprised if the Fed decides to hike. Yes, there has been a lot of pertinent jaw boning since late last year. But behind all the spouted rhetoric hides very tangible fear about the shock waves a hike may cause. For one the Dollar would most likely punch massively higher – affording the mighty Mole an even more lavish and immoral lifestyle over here in poverty stricken Spain. Expect me to buy up massive amounts of property and [...]
Hope you had a relaxing weekend – yadda yadda. I’ll spare you the usual pleasantries as we seem to have hit the motherlode this morning. I’ve literally got setups crawling out of the woodwork, so without further ado let’s dive right in!
On the spoos we are in a prime LT position to get positioned. The only problem is that we are still dancing on the knife’s edge and I don’t see a valid setup. So taking out a position here would be tantamount to a coin toss. As of right now the bulls have a minor advantage as major LT support levels have been successfully defended. Clearly the whole Labor Day weekend business has ruined last [...]