09/18/2013 Live Update

[Apple]

wow. must be no tapering at all.

"Taking into account the extent of federal fiscal retrenchment, the Committee sees the improvement in economic activity and labor market conditions since it began its asset purchase program a year ago as consistent with growing underlying strength in the broader economy. However, the Committee decided to await more evidence that progress will be sustained before adjusting the pace of its purchases. Accordingly, the Committee decided to continue purchasing additional agency mortgage-backed securities at a pace of $40 billion per month and longer-term Treasury securities at a pace of $45 billion per month. The Committee is maintaining its existing policy of reinvesting principal payments from its holdings of agency debt and agency mortgage-backed securities in agency mortgage-backed securities and of rolling over maturing Treasury securities at auction. Taken together, these actions should maintain downward pressure on longer-term interest rates, support mortgage markets, and help to make broader financial conditions more accommodative, which in turn should promote a stronger economic recovery and help to ensure that inflation, over time, is at the rate most consistent with the Committee's dual mandate."

[fehro]

Nice move on NUGT/GDX

[Daniel-David]

UUP kkkrushed. LOD to a multi-month low.

[Cobra]

no roller-coaster this time?

[Apple]

wow. must be no tapering at all.

"Taking into account the extent of federal fiscal retrenchment, the Committee sees the improvement in economic activity and labor market conditions since it began its asset purchase program a year ago as consistent with growing underlying strength in the broader economy. However, the Committee decided to await more evidence that progress will be sustained before adjusting the pace of its purchases. Accordingly, the Committee decided to continue purchasing additional agency mortgage-backed securities at a pace of $40 billion per month and longer-term Treasury securities at a pace of $45 billion per month. The Committee is maintaining its existing policy of reinvesting principal payments from its holdings of agency debt and agency mortgage-backed securities in agency mortgage-backed securities and of rolling over maturing Treasury securities at auction. Taken together, these actions should maintain downward pressure on longer-term interest rates, support mortgage markets, and help to make broader financial conditions more accommodative, which in turn should promote a stronger economic recovery and help to ensure that inflation, over time, is at the rate most consistent with the Committee's dual mandate."

full release: http://www.federalreserve.gov/newsevent ... 30918a.htm

[fehro]

SPX daily resistance.. near here.

[Vaamsy]

Well, thats what I was talking about. Now time to book profits and take a short towards EOD.

[stlwater]

SPX daily resistance.. near here.

Daily resistance? We are at rising resistance going back to 09..

[fehro]

SPX daily resistance.. near here.

Daily resistance? We are at rising resistance going back to 09..

More like the green channel... red channel just the last 5 months... here's a longer view

[SigmaEcho]

no higher low, the pullback still has small legs at least.

europe futures boucing up strong since 10.30.

spx, run stops before the pop?

nice pop!

[JFR]

I was just walking out the door, remembered that I was going to go flat on SPY from a long position, following my signals. Went back to computer. Wow. Caught the burst. Took the profits, and now I do have to leave.

Back later ...

[Junior Buffett]

Has anyone surprised with FED's decision? any rational you think for the decision to continue?

[Daniel-David]

re SPY, they've marked up the merchandise by a full 1%. That's how much addl liquidity is valued by the marketplace...

SPY fresh hod

[fehro]

NUGT daily, GDX

[MrMiyagi]

CAUTION ALERT

Intraday NYMO over +100.

CAUTION ALERT

[Junior Buffett]

!!!!!! SPX 20,000 !!!!!!!

!!!!! POWER FOREVER !!!!!

HAHAHAHA....IT's FOOD STAMP for wall street...we are rich but we also pay taxes..where is our food stamp? why only poor and jobless should get? LOL

[stlwater]

SPX daily resistance.. near here.

Daily resistance? We are at rising resistance going back to 09..

More like the green channel... red channel just the last 5 months... here's a longer view

Well, we aren't quite there but very close.

[rhight]

I think there is 50/50 odds as to how market will take the news, whatever it is, so not a good gamble for me. I will watch the light show though.

I've seen the market take the set-up presented before the "news" event more often time than not. Usually it fakes in the opposite direction, clearing stops and yanking in bag holders first though.

Therefore, if at first it spikes up to 1710, I'll short that.

so, did you short?

Yes, 1/4 short at 1718. We are at rising resistance now, at 1722. I have a window for stiff resistance from 1720 to 1730. So, I'm in a little early. But, couldn't help myself Not exactly discipline.

[fehro]

New highs all around....(excluding the transports).. and the VIX .. not yet making new lows...

[Cobra]

I thought we won't see red bar again ever. can new news be better than no tapering.