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Flat All Day Is Likely Until Fed At 2:15, But Shorts Will be Cautious Prior…

April 30, 2008 9:31 AM

The chart is very mixed at the open, and no movement is likely until the Fed announces at 2:15. Most expect .25 cut. I am not certain what the reaction will be after. We will see. Avoid Monday’s high, obviously. other than that, we might stop above yesterday’s low to the downside, but I am not a huge fan of that low.

Written by Tom@StockBlade.com · Filed Under SP Futures 

Comments

8 Responses to “Flat All Day Is Likely Until Fed At 2:15, But Shorts Will be Cautious Prior…”

  1. Tom@StockBlade.com on April 30th, 2008 9:53 am

    No Indication of a high yet…many times there is a positive bias to the market pre-fed because shorts get cautious…be very careful long near 1400 as we would have to clear Monday’s high to be long up there…

  2. Tom@StockBlade.com on April 30th, 2008 9:54 am

    Ok, it is trying to make a reversal here off the high…..too early to know

  3. Tom@StockBlade.com on April 30th, 2008 10:01 am

    Todays high is important, avoid it…then again, i said avoid that area up there anyhow. It is likely going to be difficult to trade today…probably very low volume…etc. etc. I think its best to sit these days out and let the pros play it…

  4. Tom@StockBlade.com on April 30th, 2008 11:13 am

    There was a 2 point pop once the high cleared….Not sure how high we will go here…but use caution around 1401….I would rather let someone else be the Lone Ranger up there to challenge Monday’s high…

  5. Tom@StockBlade.com on April 30th, 2008 12:40 pm

    Very Mixed here…I think this 1395-1396 area is likely to hold…but it is mixed on VERY low volume, which is almost aways the case Fed day. The high was 1400.25…about where I warned to be careful…

  6. Tom@StockBlade.com on April 30th, 2008 12:46 pm

    Hmmmm…no reversal yet….slow moving, obviously….I would guess there should be a reversal attempt in here somewhere…

  7. Tom@StockBlade.com on April 30th, 2008 1:17 pm

    Low was 1395.25, about where i figured….

  8. Tom@StockBlade.com on April 30th, 2008 1:20 pm

    If we stay up in this range, and pop through Monday’s high after the Fed, we could make a huge rally here…but obviously …we will just have to wait and see the reaction…

    The economy does not warrant a rally, obviously…BUT the US markets may become a dollar play for foreigners…If that happens, there could be serious buying….My only concern is if the bubble does pop…or is in the beggining of the pop…then that sector is a huge percentage of the SP market cap now…we will see….

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