Aye, I'd be expecting a change in the wind. So unfurl ye sails and expect to sail North for the next leg of our journey...
You seriously think that? you know those meetings are scheduled twice a month since as far back as the Fed has available on it's web site. I will put better odds on a plane crashing into my house between now and the close tomorrow than an emergency cut. Don't get cocky, the market gods are watching and will find your stops or just rally because you said that
No pick up in UltraShort ETF volume on Friday was not a good sign for the bulls.. http://traderfeed.blogspot.com/2008/03/ultrashort-etfs-as-sentiment-gauge.html edit - Also, USD/JPY, GBP/JPY, NZD/JPY all down ~1% right now after the incredible 3% drubbing on Friday is provoking. No dead count bounce in sight.
That meeting it seems in no coincidence. It implies urgency and that implies only one thing: RATE CUTS in the wings.
IF the Feds cut, add another 1000 points on the DJIA. They have every reason to cut earlier than later. Fruits are ripe on the tree.
IF the FED cut rates, add another 1000 points to Dow and 100 pointsto SPX easily. Shorts will be burning in flames dark charcoal brown mummies twisting in hell....
After two days of strong sell-off, the market will mos likely consolidate with an upward bias in Monday's session. But that's OK, everyone needs to do something for attention.
Market/ spx has support in the 1330 area.Most likely there will be a bounce after this ferocious sell off last Friday. Some kind of bounce off that support line..