SPX came down to touch it's final support level. If it is broken by 10 points then waterfall. DJI level is 11,010. There was a brief spike above the B wave high in SPX, but I still hope that we are in a double-zigzag with a final high ahead.
Leaving the hotel for home now. Post tonight.
I agree that there are a few in Congress who will question what the Fed is doing. But I suspect they are in the minority. As long as the big banks and other big corporations are making money, their lackey's in Congress will will be okay with it. Besides, even if the Fed starts to get some scrutiny, it will be months before that happens.
ReplyDeleteMeanwhile, we have all the makings of a top here. But I still have to wonder, with 25 billion every week being pumped into the markets, is it possible for them to go any direction but up?
DX took a helluva ride after Fedspeak. Dropped all the way to 75.23. Recovered a lot of that but still trading well below where it was trading prior to the announcement. Is the low in? TA would say yes. But "Don't fight the Fed" looms large.
Well said Pima....I'm sure every bear (if there are any left) is wondering the same thing. We know at some point this thing is finally going to give, but who knows how long it might be before that happens. Right now it might not be a battle worth fighting with all this liquidity flowing in. I'll be interested to hear Steve's take.
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