Sang Lucci December 12th Morning Opener
All eyes are on the FED this morning as the FOMC minutes from this week's FED meeting will be released at 12:30 PM. Bernanke will later issue a press conference at 2:15 PM discussing the minutes and where the FED currently stands on monetary policy, interest rates, etc. Investors are anticipating that the FED will announce QE4 and extend buyback of treasuries after Operation Twist expires.
Predicting the reaction of the markets from the FED comments yields an endless number of plausible scenarios. Bernanke hasn't surprised the street on these FOMC minutes for quite some time now and I doubt he's about to start now. My advice to you traders is to be ready for anything and not to be stubborn with your bias on which direction the market should head.
Sell-offs continue to be buying opportunities folks as we now look at the SPY over $144 and holding. Financials all have retraced their weakness seen yesterday afternoon. This lends itself again to the fact that you cannot short this market quite yet. Being too early to a trade means you have to stomach some pain on your options entries.
I'd continue to stay CAUTIOUSLY long here guys and make sure you're ready to either flip your position or do nothing because of chop activity.
GOOD MORNING YOUNG WORLD!
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