Today all eyes were on the FED. And when all was said and done we heard what we have knownin our hearts all along. Things are improving ever so slightly here in the US. No new Fed Action. And Europe is a mess and could affect our recovery. DUH!! And it took the best of the best in financial brain power to tell us this.
And just what happened when the genius of Wall street heard this astounding news? TANK! Yup, look at an intraday chart and note the time of the TANK. 2PM. Right on que. It was as if no one really knew that Europe was still a mess. Why wasn't this already baked in the pie?
So now we find ourselves in with WIlliam Wallace. That famous scene where his army is ready to fight the army of Longshanks, the evil King of England. The "Heavy Horse" are released, and the mounted soldiers gallop forward, faster and faster. As they get closer and closer, Wallace's army (ready to lift those very long spears), waits and we hear Wallace yelling "Hold.......Hold.......Hold...." Can you hear him? Can you see him?
Good, because his kinsman are muttering that same sentiment and if you are long, you should be repeating it as well. Hold.....Hold......Hold......Hold that support! Hold.....Hold.....Hold.....SPY hold that 50 SMA! Hold.....Hold.....Hold..... DIA hold that 200 SMA
Otherwise.......well..... let's not think about the potential downside. It won't matter as I think we will end the year a hair above DOW 12,000
Possible bounce off support tomorrow.
Momentum - Down
Trend - Sideways
The Charts
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