That makes sense. i’ve seen them do this before, the last time people were expecting QE… he said nothing, ie they weren’t doing it, and the market was flat, but still slightly positive for the rest of the day.. only to start rolling over the following trading day
Well, if Bernanke does nothing (which is what I fully expect him to do), but announces that he will support the market if needed (with QE3), that should cause traders mixed feelings… and therefore we should see some selling.
Not a huge amount of course, but we should have a wild day of swings up and down this Friday. If we are lucky enough to see a FP to the upside then we’ll know where to short. If not, then I’d just sit on my hands until Monday.
However, it’s highly possible that the high will be put in on Friday and Monday will open down and stay down. No guarantee of course, as I’m still not thinking anything “big” will happen… but a move down for a few weeks into September seems likely.
I wouldn’t short it unless we get a new FP showing the high. If not, I’d wait until Monday (err… Tuesday, market closed on Monday) as the time decay would kill your options (Futures are a different story though and worth shorting).
Given the fact that this announcement is during market hours and that we have a long 3 day weekend afterwards I’d say that this meeting was setup on purpose at this time and date to give traders time to calm down over the weekend (and the MSM talking heads time to spin whatever Bernanke says as positive).
This will limit the selling on the downside, which is just what they want. They are doing everything possible to stretch this out until the elections. They’ve done this many times in the past. I remember when they announced the “Dubai” default on a “half trading” holiday back in 2010 just before a long 3 day weekend.
It was a Friday and the market was closed on the Thursday before that, but open for a half day of trading on Friday… followed by a long holiday weekend. The selling should have been huge but because it was only a half day of trading and that all the traders were gone already for the weekend… the selling was muted and the following week they quickly turned it back up and rallied.
The “main stream media” (MSM) had all weekend to spin the news into bullshit that the sheep would believe. By the time the market opened on Tuesday the whole event was almost forgotten. I’m expecting something similar here to happen, but will a little more selling then back then.
Regardless of whether they sell off to 1370 spx or slightly lower to another support level, they will reverse it back up into late September and early October for the elections. Then we’ll see the big move down happen… 🙂
http://www.youtube.com/watch?v=WajzdgKfwQY
If not, then I’d just sit on my hands until Monday.
—
No, you’ll sit until Tuesday. We’re shut Monday.
— 😉
SO ITS GONNA HAPPEN EITHER 28 OCT OR 28 NOV
http://www.youtube.com/watch?v=fdadZ_KrZVw&feature=player_embedded
EURUSD Resistance levels:
http://niftychartsandpatterns.blogspot.in/2012/08/eurusd-resistance-levels.html
That makes sense. i’ve seen them do this before, the last time people were expecting QE… he said nothing, ie they weren’t doing it, and the market was flat, but still slightly positive for the rest of the day.. only to start rolling over the following trading day
Well, if Bernanke does nothing (which is what I fully expect him to do), but announces that he will support the market if needed (with QE3), that should cause traders mixed feelings… and therefore we should see some selling.
Not a huge amount of course, but we should have a wild day of swings up and down this Friday. If we are lucky enough to see a FP to the upside then we’ll know where to short. If not, then I’d just sit on my hands until Monday.
However, it’s highly possible that the high will be put in on Friday and Monday will open down and stay down. No guarantee of course, as I’m still not thinking anything “big” will happen… but a move down for a few weeks into September seems likely.
I wouldn’t short it unless we get a new FP showing the high. If not, I’d wait until Monday (err… Tuesday, market closed on Monday) as the time decay would kill your options (Futures are a different story though and worth shorting).
Given the fact that this announcement is during market hours and that we have a long 3 day weekend afterwards I’d say that this meeting was setup on purpose at this time and date to give traders time to calm down over the weekend (and the MSM talking heads time to spin whatever Bernanke says as positive).
This will limit the selling on the downside, which is just what they want. They are doing everything possible to stretch this out until the elections. They’ve done this many times in the past. I remember when they announced the “Dubai” default on a “half trading” holiday back in 2010 just before a long 3 day weekend.
It was a Friday and the market was closed on the Thursday before that, but open for a half day of trading on Friday… followed by a long holiday weekend. The selling should have been huge but because it was only a half day of trading and that all the traders were gone already for the weekend… the selling was muted and the following week they quickly turned it back up and rallied.
The “main stream media” (MSM) had all weekend to spin the news into bullshit that the sheep would believe. By the time the market opened on Tuesday the whole event was almost forgotten. I’m expecting something similar here to happen, but will a little more selling then back then.
Regardless of whether they sell off to 1370 spx or slightly lower to another support level, they will reverse it back up into late September and early October for the elections. Then we’ll see the big move down happen… 🙂
its in the morning. http://www.usatoday.com/money/markets/story/2012-08-28/ben-bernanke-jackson-hole-speech/57378740/1
can’t even find it, but Draghi cancelled…. http://www.newsy.com/videos/draghi-opts-out-of-jackson-hole-federal-reserve-meeting
What time is the Jackson Hole thing? Is it during market hours or after it’s closed?