Good Afternoon, Friends. To the surprise of most, the FOMC kept the current level of Quantitative Easing (QE) intact, at $85 billion monthly. The consensus at the Fed appears to be that the economy, while improving, is not yet strong enough to justify withdrawing QE support. As I mentioned last night, a buy stop above the 1705 high in the E-minis would have captured at least some of the rapid move higher in response (the high thus far has been 1715.50). I would expect, but not anticipate, some sagging and perhaps a better buying opportunity once Dr. Bernanke’s press conference concludes (it begins at 2:30 EDT).Â
Best of luck!
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