S&P 500 - August 10, 2010 - Intraday 4

Seems like market has interpreted Fed-Speak as free money for all in GNC (the Grand NYSE Casino). At least, first reaction looks like that. Many times, the first reaction to FED-Speak wanes and reverses in coming hours and days. But who know?

This works well with my view that bulls seem to need a good batch of shorts to ride into rallies and they started whipping them shorts nice and tight as 2:15 pm or so. You know it's all crapola when the tape masters don't even wait enough time required by average human eyes and brain to read and process what Benny and the gang have actually said :-D

Nothing's changed for me as long as my long term charts and levels are concerned.


I made some chnages to my line studies on the 60-min chart



Daily and Weekly charts stay the same for now.

The actionary line parallel on the daily that I pointed out yesterday is the resistance to take for now

Never a Dull Moment in GNC :-)