Wednesday, November 2, 2011

Another 'rollercoaster' day

Fed was 'active' today and this always brings lots of volatility. At 16:30 there was the interest rate decision and at 18:15 Bernanke spoke (Press conference).
A general summary: Fed lowers growth forecast and raises unemployment projections. The Fed also raises inflation estimates. Ben thinks the US has avoided slipping into a new recession. And of course the interest rates remain unchanged.

The Fed-'stuff' gave us another rollercoaster day: up, down, up.

5m-charts SPY:

Daily charts DIA, QQQ and SMH:

The big losers yesterday (silver and copper), were the big winners today. Oil and gold up less, compared with silver, copper and indices in general. Tech was weaker (or less strong) than big & small caps and S&P500.

I got stopped out of the EUO-trade in premarket, @17.97. No new trades on this Fed-day, back to 100% cash.

No comments:

Post a Comment