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Whacky FOMC Wednesday Rub Down
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Whacky FOMC Wednesday Rub Down

by The MoleJune 24, 2009

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:

Enjoy!

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…


About The Author
The Mole
Mole created Evil Speculator amidst the chaos of the financial crisis in early August of 2008. His vision for Evil Speculator is a refuge of reason, hands-on trading knowledge, and inspiration for traders of all ages and stripes. You can follow him and his nefarious schemes at the usual social media waterholes.
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