So I've been a bit busy on my end because its final exam week and I'm in college. Nonetheless, its Fed Day and you should expect continued slow action into the "cut". This may be the most boring lead into a Fed meeting because its so priced in. Everyone already knows the Fed is cutting rates by probably 75 basis points which would bring us down to a new rate of 0.25%. Wow. That's why the dollar is rolling over and the euro is at 1.38.Oil is at 44 even. Gold is holding strong at 839. Internals looks bullish with 73% advancers to 25% decliners on the NYSE and Up volume outpacing down volume 75%-23%.
We are having a nice up day because the market already priced in GS having bad numbers. GS is leading the action higher today. SHould be interesting to see how they close up shop today. Technically I would be a seller if this market lost the 874 level. Above this 882 area is a bullish zone that we could see continuation higher. But you should be out of your positions by 2pm et. The Fed announcement will whip you. And even after the decision I tend not to trade for about 45 mins, if I even see a decent setup.
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