08/31/2012 Live Update

[Petsamo]

Bernanke just started speaking and the market's already reacting ?

[Cobra]

support. and show time.

[Unique]

That huge spike in ES in pre-open would have shaken off many shorts. These HFTs are something. A well timed spike and the stops pop taking the market to insane heights. Well, Ben opens his pie-hole

Don't forget, the most amazing part is that, SPY gapped up precisely above the middle channel line of the uptrend channel (posted above)

[jdow]

IWM just went red.... dammit too slow on that short

[Petsamo]

If IWM didn't bust yesterday's low, it came awefuly close

[jdow]

If IWM didn't bust yesterday's low, it came awefuly close

it did... well by .02... again we have the IWM move from leading all ETF's to crossing over and now below.
ABSOLUTELY tanking as I type

[Cobra]

wait for the dust to clear.

[Cobra]

not looking good so far.

[TradingJackal]

Looks like they better dust off that circuit breaker

[Unique]

First impulse, second reaction, third real. Key to success on Fed days. 10AM

We're on yesterday's close line, we should bounce/stall a bit, then we get the real direction

[Al_Dente]

• BERNANKE SAYS STAGNATION IN LABOR MARKET IS `GRAVE CONCERN'
• *BERNANKE SAYS FED WILL BOOST ACCOMMODATION AS NEEDED FOR GROWTH
• *BERNANKE SAYS HE WOULDN'T RULE OUT FURTHER ASSET PURCHASES
• *BERNANKE: QE `SIGNIFICANTLY LOWERED LONG-TERM TREASURY YIELDS'
• *BERNANKE SAYS IMPACT OF QE IS `ECONOMICALLY MEANINGFUL'
• *BERNANKE: BIG BOOST IN QE MAY REDUCE CONFIDENCE IN SMOOTH EXIT

[Unique]

Looks like they better dust off that circuit breaker

What makes you think they won't pull this "oops the circuit breaker didn't set to automatic this time",
we're just gonna investigate and give you non of big names that that caused this and Joes and Janes stop-loss at 25% would count!

[Mr. BachNut]

Probably a slug of stops lurking below yesterday's low.

[EvilTrader]

Last 2 years (2010,2011) jacksons hole trading days were :

1 - gap up
2 - dip in the morning pre-speech
3 - drift higher into close.

[TradingJackal]

First test of support line. A lot of stops below it. If they test it again, I think it will give way.

[gappy]

http://www.federalreserve.gov/newsevent ... 20831a.htm The text.

[Cobra]

still is wait. no clue.

[ClarkW]

Last 2 years (2010,2011) jacksons hole trading days were :

1 - gap up
2 - dip in the morning pre-speech
3 - drift higher into close.

Good info, thanks for sharing!

[TraderGirl]

Whoah!! I just woke up and saw the price action....I didn't believe my chart that showed this kind of price action, but here it is, just like my chart shows...if my chart continues to be correct, we continue to move up, then another spike down (possibly lower, don't know the levels), then a choppy move up the rest of the day...

[Al_Dente]

The currency pairs have been losing correlation with SPX
Eyeball analysis only: it looks like bear spy when this happens in unison (?)
Smarter comments welcomed please