Glad most had fun with the Worst Films Blogfest. It was a fun thing to do.
Hurry Up and Wait
Cullen Roche of Pragmatic Capitalism has the FED meeting run down that you want to read here:
WHAT’S A FED TO DO ON WEDNESDAY?
It's all in there.
To me it's still all about earnings warnings and if the slowdown that was fully going on in the summer will make a dent in profits. As of late earnings estimates have been coming down, but have they enough?
Add to this that copper is getting killed right now (usually a key market indicator) and it's a mixed message at best. The Reformed Broker keeps reminding us that Brazil easing rates and copper may mean there is a China slowdown story. If true that is NOT priced into the market in any way.
Outside events make trading difficult right now. I have sat on my hands while my best set ups over the last week or so have done pretty well (GG, CVLT, NI) but it's still pretty dangerous out there. Even Howard Lindzon is seeing this market as a tough thing to read:
Markets CANNOT be Tamed, Only Managed
In a time when information moves instantly across the world, we are here waiting for Greek debt phone conference updates or new FED action announcements. On the other side of those headlines are a ton of money managers that are having severe performance anxiety that Cialis and Viagra cannot help with. Combustible mix.
Have a good night.