Wednesday, August 12, 2009

Ontrack, but fed awaits

I am on vacation, but thought this was important enough to post now.

The MC was expecting a higher Low on 8/11 with the 8/6 Low, we got that, although it was more like a retest Low.

Today and tomorrow, 8/12 and 8/13 are expected to be solid days UP. 8/13 is expected to be the High of the Month, 8/17 is a lower High, get ready for that!

As mentioned before, there is also a seasonal tendency for the market to rally into 2pm of FOMC days, which it is doing right now.

Ofcourse the FED's 2pm decision is always a gamble as to direction and it is best to stand aside then and see what happens, but the MC suggests we close positive today.

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