What happened today post-FOMC? Nothing new. At least for us, traders. It is just that Fed today has finally joined us in the view of US and world economy, "significantly" downgrading their outlook.
Please read my earlier posts. Traders were ready for this move. We are going lower, much lower, 1100 on SPX. There will be small retraces along the way down. But as you saw this afternoon, the moves are quick, vicious, steep, very hard to catch. Everyone woke up, what a joke! Transports, SOX, commodities, risk currencies - all have been pointing to downward move the last few days. SPX simply followed after FOMC meeting, but really has ran into 1220 sell zone for few sessions, and could not trade above at all.
Know your levels of resistance and support. You can follow my updates of this SPX move down to 1100 retest here:
http://viewonmarkets.blogspot.com/2011/09/roadmap-for-spx-from-sep-15-to-dec-31.html
You dont know shit. Always easy to speak in hindsight. But when real money is on the line, your no different than the rest.
ReplyDeleteLook at my SPX Roadmap post carefully please. It is dated September 15, 6 days ago. Also you can see that I have been posting and tweeting about today's move for the past few days.
ReplyDeleteThank you for reading!