Wednesday, January 27, 2010

Strange Action

Usually you don't see this kind of late selling right ahead of the FOMC meeting, so I don't know how to read the current action.  It feels like we need a flush lower before going higher.  I can't picture us going straight up after the FOMC announcement.  Another scenario, very unlikely unless we are super weak, is that we selloff all day after the annoucement.  I will play it as the first move lower second move higher type of day. 

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