I was saying yesterday morning that coming into Fed day just under clear pattern resistance augured badly for bears, and so it turned out. After a test break above SPX falling channel resistance SPX pulled back, made a new RTH low immediately after the Fed announced tapering to start in January, and then broke up for a massive short covering rally as people realized at last that cutting bond purchases from $85bn to $75bn per month wasn’t really much of a change after all. The move from the post Fed low into the high just before the close was an impressive 45 handles as a lot of traders were forced to eat their shorts. (more…)
Slope of Hope Blog Posts
Slope initially began as a blog, so this is where most of the website’s content resides. Here we have tens of thousands of posts dating back over a decade. These are listed in reverse chronological order. Click on any category icon below to see posts tagged with that particular subject, or click on a word in the category cloud on the right side of the screen for more specific choices.