Gersh; RE:" yackity-yack, don't talk back "
da main man Rubin is gonna talk today, too. Expect them to bash Nippon, Inc. again today. S&P put Bank of Tokyo and Bank of Mitsubihi on negative credit watch last night.
And they'll plea for IMF dollars...
...at ~1043 we be kissing the DownTrend Line (drawn from closing prices) as we speak. It's finding apparent support on the 14d EMA (and inter-channel trend line) at ~1038; and seems to be pulled towards the 200d EMA around ~1052.9
In the past, FWIW - on days when the Fed makes announcements, folks buy up stuff before the talk, then things tread water during the talk, then all hell breaks loose (very dangerous; true "volatility" in the traditional sense of the word, as Jurgen mentioned) towards the end of the talk, and then the market takes a nose dive down, afterwards (in the short term).
Lots of folks have already flipped and gone short here, just based on the apparent trading range channel. Most likely scenario today is some sort of shooting star - a short-squeeze followed by a sell-off. But it's hard to tell, for everyone, isn't it, Gersh ?
-Steve |
