Tuesday, January 4, 2011

POST FOMC Minutes Thoughts & S&P500 Futures Update (SPY)

With commodities coming into today as Economic Burn graciously pointed out we have had CNBC and the mainstream media crying uncle about all the "volatility" What the hell are they talking about? the S&P's are down 3 handles and have bounced with ease off 1258.25. To me it looks like all is normal in manby Panby land.

The high put in today was 1270 with a "kiss' on decent volume, though nothing but green for the last hour on  the 5 min
chart leads me to believe we are up for some shenanigans after the FOMC minutes are read. The 1260-1261 are levels to watch us move off of in either direction.

FED minutes basically stated they know nothing and have not determined if they are going to do more or less Quantitative Easing.. In other words they are not sure if they need more data to alter QEII.. Unemployment is still shitty and once again i waited around all day for nothing but a bunch of economic bullshit i already knew the answers to. "near term outlook up" FOMC inflation thoughts "not seeing business passing on costs to customers" in other words they have no idea... Gas at 4 dollar a gallon...