ES Morning Update October 9th 2017

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I'm not expecting much today as it's Columbus day here in America so while the stock market is open I'd think we'll still have little trading going on as the bond market and banks are closed.  So, hopefully the bulls can just hold the pig up and get more overbought so the bears can take control this Wednesday or Thursday.  We do have another FOMC day this Wednesday but it's only the reading of the minutes from the September meeting.  However, sometimes the market still waits to see if Yellen with add something else that will let traders know how to best position themselves.

Right now traders are all long expecting a rate hike in December, but if that doesn't happen and it's already "priced in" (which it is) then traders will see the economy as weak and dump the market.  But that meeting is still awhile away so unless word leaks out this Wednesday we might still only see small pullbacks and then more up until we get closer.  But that's too far out to speculate on right.  For this week let's just look for a top on Wednesday or Thursday I believe.  But today and tomorrow we might just chop around more as traders again wait like pigeons outside a restaurant for crumb drops from Janet Yellen.