Whacky FOMC Wednesday Rub Down
What a day – not going to bitch as we all knew it’s going to be painful 😉 Let’s look at the Zero chart:
Loved that clear divergence developing during the peak – I pointed it out to my subs as it unfolded – hope they caught it. After the meeting notes announcement we got some wild spikes while the Lite was going completely flat – all I can muster up about that a major rope pulling contest seemed to have been taking place. The usual suspects tried to put a floor under the market while the bears were fight back hard – this definitely was unusual, even for an FOMC day. I think the bears have had it at this point and are going to start fighting this crap.
Program Trading Update:
geronimo/ES: +5 (2 trades – 2 winners)
I might be in touch later tonight for a quick update but look at my prior post for a general outlook of where I think we stand.
BTW, before I run: I was able to get my hands on some secret footage acquired today at the NYSE. It was filmed with a pencil cam and shows what was going on during that monster chop right after the meeting notes announcement:
8:27pm EDT: You guys need to read this – great piece – Matt Taibbi on how Goldman Sachs engineered every major market manipulation since the Great Depression.
10:25pm EDT: Quote of the week:
We need a little less democracy – Jim Cramer
What an asshat…