S&P 500 - October 12, 2010 - Intraday 2

This morning I said:

"Market got a decent dose of shorts to squeeze this morning, let's see what bulls can do with it."

We had 1154 as a first level of concern and market did not take it

So far, so good, eh?

I was told that some Fed had said they'd been thinking about another round of easing themselves. I found this courtesy of Matketwatch



This is the link

http://www.marketwatch.com/story/september-minutes-show-fed-close-to-easing-2010-10-12?dist=countdown

I can lift my top level to 1159.

I will compute other levels later this evening.

I must remember that now even perma-bears and deflationists are writing (complaining) about Fed-easing and currency wars and gold-is-money and all sorts of stuff of that ilk.

I must remember that, so far, Fed-Easing has been nowhere near QE1 and God only knows what sort of easing market is pricing in.

I shall keep an eye on the universally hated Bucky.

I shall ignore all sorts of noise from all sorts of market characters as I am sure they are as clueless about the next minute as I am.

And I shall observe my levels and let the market do its job.

This is an OpEx week -- so far, some Yo-Yo's -- I expect all sorts of price gymnastics.

Have a Nice Afternoon!