Tuesday, September 22, 2009


Here is a 60 minute bar chart of day session e-mini trading. The market has rallied gudgingly from yesterdays low near 1052. I cannot really tell if the e-minis are likely to head down to 1035 from here or whether instead the market will rally to 1080 first and then break to 1035. In any case I don't yet have a compelling reason for thinking that a move outside of the 1035-75 range can be sustained for any length of time. And I do think the market will visit the low side of this range before a move to 1120 develops.

Tomorrow the Fed announcement comes out at 2:15 ET. My best guess is that we close tomorrow about where we close today after the usual Fed gyrations are out of the way.

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