Good morning everyone.
Yesterday we finally saw the bears step and give the market a push on election fears. As a matter a fact it seems everywhere we look there seem to be uncertainty and there is little that the market dislikes more.
Today at 10 eastern we get some Oil numbers that lately can move the market around but the big news of the day will be the FOMC at 2 PM eastern time. I think a .25 basis point increase in December has already been baked into the cake but if the FOMC surprises the market we will likely see a very big reaction. Until the release, however, there will likely be very light volume accompanied by choppy price action. As if we haven’t already had our fill of chop!!
I think we need to continue to stay small and remain cautious. Yesterday was a big move but I don’t think we have seen the full measure of it’s potential just yet. The good new is we seem to be getting closer to shaking loose of this 2-month long range. No matter which direction it decides it will be a welcome change. So hang in there, better trading is on the way.
Trade Wisely,
Doug
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