The Fed clarified it’s position on tapering of “QE Infinity” yesterday…Seems like infinity is not so, well let’s say: “infinite”. Markets reacted just like a ‘crack-baby’ withdrawing from it’s “fix”. Investors don’t seem to actually care whether the Economy is improving and can stand up on it’s own two feet…They want to be fed their daily fix of easy money…My view: “Grow the F-up!” people…Free Markets should be “free-markets” and should be able to stand alone without government intervention.
Yesterday’s strategy was again spot on as price failed to get above 1648 – 50 zone and following news release sold down hard to daily target zone…click here to re-read: http://polaristradinggroup.com/trade-strategy-for-6-19-13-fed-day/
Overnight momentum has pushed price down further to today’s extension targets 1608 – 12 zone. Bulls will need to be in damage control mode once again…Any stabilization of this lower zone could force a tradable bounce back up to 1622 – 25 zone. Further weakness calls for 1601…then 1590 pivot retest…OH MY! Stay Nimble!
I am at peace with uncertainty. I know there is no such thing as a sure thing. I have no particular need to be right. I understand that being perfect has no place in trading. I am flexible. I am willing to change my mind. I am alert to scenario changes. I accept the information that tells me I am on the right track or on the wrong track