Sunday 12/21 Sunday TA session 9:00am to 11:00am Pacific Day Time
Paltalk Room: QQQInvestment
12/16 Summary:
(1) 3-stage post Fed action remains its meth. I shorted at second stage top and covered for 10 points gain.
(2) The break out of 890 was a key point, it broke the resistance previous swing resistance, as well as the TRIANGLE in 60min chart last night. Fed statement shocked many and a lot of traders just got surprised with actual statement, and they covered, sent SPX over key resistance 890.
(3) Once those covering and retest 890 holds, buyers jumped in. After SPX pssed 50ma (902.5), AND there was no last 30 mins no sell off, another squeeze sent it out closed right below next key resistance.
(4) Financials are the leaders of the day with GS leading the game (but it has not yet reach my 80 target for short yet), XLF passed 12.60 and closed near 13.00. XHB have not got above 13.5 yet.
(5) Based on Fed's unlimited paper paper printing business, US$ is crashed from yesterday's 82.69 to today's 80.6. GOLD flys......., But Not OIL. The OIL action means a lot.
Chart glance for indices, USO, $VIX, $CPC, $BKX, UUP First time pass 50ma
Dynamic chart XLF Daily and XHB Daily
Dynamic chart SKF Daily The best wish to get SKF, if XLF Daily can go 12.6
Dynamic chart SRS Daily The best wish to get SRS, if XHB Daily can go 13.5
Based on these, SRS should not be filled yet and we are in SKF now. no matter what price you get, watch SPX 900-902 tomorrow, If the retest holds, exit SKF, there will be better chance later. IF SPX losses 900 on the pull back, hold SKF. A loss of 900 can lead a pull back down to 860-880 area.
Dynamic chart SPX Daily keep in mind those stair case lines, 20ma, 50ma, 50ema, and the Trend Line.
Dynamic chart 15 min SPX
Dynamic 60 min SPY A pull back is needed to correct over bought and negative divergence.
Paltalk Room: QQQInvestment
12/16 Summary:
(1) 3-stage post Fed action remains its meth. I shorted at second stage top and covered for 10 points gain.
(2) The break out of 890 was a key point, it broke the resistance previous swing resistance, as well as the TRIANGLE in 60min chart last night. Fed statement shocked many and a lot of traders just got surprised with actual statement, and they covered, sent SPX over key resistance 890.
(3) Once those covering and retest 890 holds, buyers jumped in. After SPX pssed 50ma (902.5), AND there was no last 30 mins no sell off, another squeeze sent it out closed right below next key resistance.
(4) Financials are the leaders of the day with GS leading the game (but it has not yet reach my 80 target for short yet), XLF passed 12.60 and closed near 13.00. XHB have not got above 13.5 yet.
(5) Based on Fed's unlimited paper paper printing business, US$ is crashed from yesterday's 82.69 to today's 80.6. GOLD flys......., But Not OIL. The OIL action means a lot.
Chart glance for indices, USO, $VIX, $CPC, $BKX, UUP First time pass 50ma
Dynamic chart XLF Daily and XHB Daily
Dynamic chart SKF Daily The best wish to get SKF, if XLF Daily can go 12.6
Dynamic chart SRS Daily The best wish to get SRS, if XHB Daily can go 13.5
Based on these, SRS should not be filled yet and we are in SKF now. no matter what price you get, watch SPX 900-902 tomorrow, If the retest holds, exit SKF, there will be better chance later. IF SPX losses 900 on the pull back, hold SKF. A loss of 900 can lead a pull back down to 860-880 area.
Dynamic chart SPX Daily keep in mind those stair case lines, 20ma, 50ma, 50ema, and the Trend Line.
Dynamic chart 15 min SPX
Dynamic 60 min SPY A pull back is needed to correct over bought and negative divergence.
The FOMC Statement...
The Federal Open Market Committee decided today to establish a target range for the federal funds rate of 0 to 1/4 percent.
Since the Committee's last meeting, labor market conditions have deteriorated, and the available data indicate that consumer spending, business investment, and industrial production have declined. Financial markets remain quite strained and credit conditions tight. Overall, the outlook for economic activity has weakened further.
Meanwhile, inflationary pressures have diminished appreciably. In light of the declines in the prices of energy and other commodities and the weaker prospects for economic activity, the Committee expects inflation to moderate further in coming quarters.
The Federal Reserve will employ all available tools to promote the resumption of sustainable economic growth and to preserve price stability. In particular, the Committee anticipates that weak economic conditions are likely to warrant exceptionally low levels of the federal funds rate for some time.
The focus of the Committee's policy going forward will be to support the functioning of financial markets and stimulate the economy through open market operations and other measures that sustain the size of the Federal Reserve's balance sheet at a high level. As previously announced, over the next few quarters the Federal Reserve will purchase large quantities of agency debt and mortgage-backed securities to provide support to the mortgage and housing markets, and it stands ready to expand its purchases of agency debt and mortgage-backed securities as conditions warrant. The Committee is also evaluating the potential benefits of purchasing longer-term Treasury securities. Early next year, the Federal Reserve will also implement the Term Asset-Backed Securities Loan Facility to facilitate the extension of credit to households and small businesses. The Federal Reserve will continue to consider ways of using its balance sheet to further support credit markets and economic activity.
Voting for the FOMC monetary policy action were: Ben S. Bernanke, Chairman; Christine M. Cumming; Elizabeth A. Duke; Richard W. Fisher; Donald L. Kohn; Randall S. Kroszner; Sandra Pianalto; Charles I. Plosser; Gary H. Stern; and Kevin M. Warsh.
In a related action, the Board of Governors unanimously approved a 75-basis-point decrease in the discount rate to 1/2 percent. In taking this action, the Board approved the requests submitted by the Boards of Directors of the Federal Reserve Banks of New York, Cleveland, Richmond, Atlanta, Minneapolis, and San Francisco. The Board also established interest rates on required and excess reserve balances of 1/4 percent.
The Federal Open Market Committee decided today to establish a target range for the federal funds rate of 0 to 1/4 percent.
Since the Committee's last meeting, labor market conditions have deteriorated, and the available data indicate that consumer spending, business investment, and industrial production have declined. Financial markets remain quite strained and credit conditions tight. Overall, the outlook for economic activity has weakened further.
Meanwhile, inflationary pressures have diminished appreciably. In light of the declines in the prices of energy and other commodities and the weaker prospects for economic activity, the Committee expects inflation to moderate further in coming quarters.
The Federal Reserve will employ all available tools to promote the resumption of sustainable economic growth and to preserve price stability. In particular, the Committee anticipates that weak economic conditions are likely to warrant exceptionally low levels of the federal funds rate for some time.
The focus of the Committee's policy going forward will be to support the functioning of financial markets and stimulate the economy through open market operations and other measures that sustain the size of the Federal Reserve's balance sheet at a high level. As previously announced, over the next few quarters the Federal Reserve will purchase large quantities of agency debt and mortgage-backed securities to provide support to the mortgage and housing markets, and it stands ready to expand its purchases of agency debt and mortgage-backed securities as conditions warrant. The Committee is also evaluating the potential benefits of purchasing longer-term Treasury securities. Early next year, the Federal Reserve will also implement the Term Asset-Backed Securities Loan Facility to facilitate the extension of credit to households and small businesses. The Federal Reserve will continue to consider ways of using its balance sheet to further support credit markets and economic activity.
Voting for the FOMC monetary policy action were: Ben S. Bernanke, Chairman; Christine M. Cumming; Elizabeth A. Duke; Richard W. Fisher; Donald L. Kohn; Randall S. Kroszner; Sandra Pianalto; Charles I. Plosser; Gary H. Stern; and Kevin M. Warsh.
In a related action, the Board of Governors unanimously approved a 75-basis-point decrease in the discount rate to 1/2 percent. In taking this action, the Board approved the requests submitted by the Boards of Directors of the Federal Reserve Banks of New York, Cleveland, Richmond, Atlanta, Minneapolis, and San Francisco. The Board also established interest rates on required and excess reserve balances of 1/4 percent.
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