Will We Hold It Wednesday – Fed Edition

That's the line today, along with 9,400 on the NYSE and 15,000 on the Dow.  As you can see on Dave Fry's S&P chart, we had an indecisive day yesterday as rumors fly back and forth over the prospects of "tapering" by the Fed.  Today's reading of the Fed minutes at 2pm are not likely to do anything other than fuel more speculation on both sides.  

Globally, things are such a mess that I had to send out another depressing morning Alert to our Members titled "Market Weakness Persists – International Situation Grim."  That about sums up the Global Macros for this morning, so I won't re-hash it here but I will point out this can be quickly reversed by the Fed or, more accurately, by Hilsenrath's interpretation of the Fed Minutes in the WSJ, minutes after they are released.  

Also as expected, the NYMO bounced sharply higher on a down day and that means we're much more likely consolidating for a bigger breakdown than "recovering."  5% drops are usually consolidation points and 15,000 on the Dow is a tough nut to crack as well since it carries a lot of psychological weight.  

On the bright side, when I said yesterday morning that you should listen to me so you can make the next $2,000 PER CONTRACT shorting the oil Futures, I didn't actually mean in one day – but that's how it worked out!