It is almost time for every financial/business macro blog and economist to act like a PhD in English Literature reading Chaucer with the FOMC Announcement, parsing every word for clues into Bernanke’s intentions.
Our updated 30-minute chart of the IWM, ETF for the small caps in the Russell 2000 Index, remains a sloppy mess.
Note the neckline failed to confirm lower. However, we have not exactly seen a fast move higher from that rejection either.
It is sloppy out there, as soon in the action in many stocks.
Let’s prepare for a million head-fakes after the announcement while Bill Gross sings his way through it.
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