With a backloaded week, in terms of events, the market is drifting slightly higher this morning, with a few of the momentum names bouncing back from yesterday’s drubbing. There is of course an air of uncertainty about the precise language the Fed will use in their new statement and forecasts, let alone the Chair Yellen press conference, which is probably another reason why we may see more of this action into tomorrow.
Treasuries are buidling out a bear flag on the 30-minute timeframe thus far, something we talked about yesterday for the TLT ETF. Still, I am likely to wait until tomorrow’s reaction before adding back to my remaining shorts.
Casinos are sporting further breakdowns virtually across the board, namely MGM. I will come back with that chart in a bit.
The huge bounce lower and then squeeze higher this morning in Pandora (P) may be indicative of the type of pre-FOMC action we could see today and tomorrow into the meeting.
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ultra violent movement geared toward tempting money into the market pre-Fed
Looks like it.