Wrap the Fed up - a more irrelevant bunch of folks do not exist. Sometimes I wonder who reminds these guys to breathe. Anyway as you undoubtedly already know they stood pat - which is what was expected. I still expect them to start cutting in the new year and so does Bill Gross of Pimco the biggest bond fund in the entire world if not the universe. No matter - they turned the Dow on a dime and lo and behold we have a new record. Those of you who are following along closely realize that the new record is just about worth nothing.
I had a position in GLW again today - made about 30 cents net but at least I made a profit - I can go back to trading again tomorrow with my head up and my 30 cents jingling in my pocket and feel as if I might even know what I'm doing. I don't which is why I have rule 1 - nobody knows nothing - including me.
For tomorrow more of the same - the up/down ratio remains in neutral and the new 20 day highs are running away from the new 20 day lows, 1037 to 220, which is beginning to sound like a broken record and about as appealing to the ear - the VIX remains in neutral territory and the 3 sisters all finished strongly in the last hour in the green
Mr. Magic is 23 and 11 having missed today - for tomorrow he says - heads - bull market time.
Probably
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