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C'mon guys. There were no majic Fed predictions to be made here and there
was no advanced warning.
Look at your charts. The ES had gapped above it's major resistance and had
stayed above all morning. The NQ has had an evil resistance point at 1775 since
Mar 20. Every time we've gone there the market has dropped.
When the market clawed it's way above 1775 and took it's first bounce to the
upside he pulled the trigger making certain that the evil resistance point was
locked in as the support level that the bulls had turned it into 13 minutes
earlier.
The bears who had been salivating for the market to reach this level had to
turn and run.
If you were a mechanical system trader and your system was working
properly and you were following it as your total guidance then you may have
already been long. Good for you.
If you had a system and your system was working properly and the signal
was already long but you knew the bears were hovering over that 1775
mark waiting for it to fail and you were on the sidelines then you probably
hated yourself for the rest of the day.
If you were a descretionary trader waiting for that first closing bar below
1775 then you may still be sitting on the rocker on the front porch staring
into space.
No matter what your situation was at the time, if you were trading, the
impact
on you is probably still there. Greenspan succeeded.
The tactic was simple to conceive and execute but the psycological impact
was brilliant.
Robert Pisani wrote:
> I noticed some usual activity on my screen beginning a couple of minutes
> before the announcement. Did Greenspan announce than he would make an
> announcement and then proceed with it, or did the news come out in a flash?
>
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