Just a quick note after the close:
Notice that the traders went after the $83.00 level today, being a pivot point and a likely stop placement area. After taking out this level, they took profits, sending the close a little below that.
That is what market makers and daytraders like to do.
They knew there was trepidation about today's action and some short selling ahead of the Fedheads, so they take it the other way, trip a bunch a stops and go home. Brilliant.
Of course the pompom wavers on CNBC think that it means all clear, buy with abandon now...so be my guest, please. I'm still not so sure.
Sometimes the days *after* Fed day tell the story better than the day itself.
No comments:
Post a Comment