This market is nothing if not dull. Never short a dull market, right? I’m not so sure about that. I’ve seen dull markets melt down.
This one, we’ll just have to watch the keys. The first is at ES 4527. That’s current trend support at 7:00 AM in NY. Then 4520 would also need to get taken out to start anything on the downside. Conversely, if they clear 4635, the next stop would be 4650. There’s no sign of anything dramatic happening either way. So, surprise us already.
Of course, all the action is likely after 2 PM, when the FOMC Hour of Power begins. Then Lord Jaysus has his Dog and Pony at 2:30 PM. He’ll spew his usual lies and obfuscation. Will the market respond tomorrow with the usual Fed resubstantiation rally when he announces the Taper?
We also have the quarterly refunding report and TBAC report to the Secretary of the Treasury at 8:30 today. That’s just as important as the FOMC because it will give us the Treasury issuance schedule for the current and next quarters. Today is as big as they come!
I’ll be posting a report on that, and the month end Daily Treasury Statement totals for October, particularly from withholding. It will be interesting to see what those numbers show.
For more:
Gold Is in Perfect Equilibrium AND Maximum Uncertainty
Swing Trade Screens Yield More Sells than Buys Again
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