Monday, March 15, 2010
FOMC Reversal
Today's action was fairly bearish despite the late day rally. The sellers don't have the follow through but the fact that they were able to take this market down almost 1% intraday is a change in character from the previous few days. The FOMC meeting tomorrow should be a mini blowoff where I will look to get short again. I am looking for a reversal to the downside intraday tomorrow. I am neutral on the overnight trading for today.
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What a rigged market! The bulls had plenty of time to buy mid-day, where it spent hours near the day's lows. People who bought at 1148 or higher must have been the plunge protection team. Good news for the bears is FXI (China) & INP (India) remain underbought. They may bring their markets further down. Bad news is Europe is likely to bring their markets up, after what they just observed here. US tends to follow Europe. I'll guess we gap up tomorrow. I'm 50% long, 50% cash.
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