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Hey Hobstas
Well well the Fed is said and done for now. And allot of folks were short going in and expecting a bigger drop, but as I said "this is sell
rumor buy the news and I said on Monday that we have some more upside yet to go.
We might see a bit more retracement but think next week is up into OPX. So we see some more upside, do I like it, doesn't matter to me I trade what i have not what I want...and not what I think it should be and that's when you can make magic money gang. Turn on the emotion ie" "Well this economy is so BAD that the markets will/must sell off!" Doesn't work that way ever!
I mentioned into the FED meeting that if we were down into it, most likely short covering and remember we had a higher low today. The dailies on the SPX overbought, but as we learned in 2009, overbought can last a long time with a manipulated market :)
I listen to the pits all day and really see the game into how it's played and there thinking, I always think like a market maker , no matter how wrong it feels, it usually works out !!
Now historically day after FED is a big downer (Ben's a downer what do you expect?) and today will be no different. I have positioned myself with SPY puts but feel that 1092 will be an important support level. Break that and I will reacess my outlook, but as of now I still feel we have another high to come yet around 1130 maybe 1150 as I have been saying all along, then into the fourth quarter some real nasty selling.
Trade well today my friends and always take profits when you can :)
love Anna
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