Who doesn't know the FOMC will be announcing a rate cut tomorrow? The big question is how much? 25 or 50 basis points?
Consumer confidence is low (is there an echo in this blog?) The interest rate cuts are designed to boost the economy, but that boost is already in the eMini S&P and Russell 2000 Futures.
An announcement of a 1/4 pt cut will deflate the index futures - the wild card is the 1/2 pt cut, a long shot but will likely cause rallies- SO... trade the range until the call comes in at 1:15 - looking to short on the news.
The blog now has a link on the TradeMaven Website - http://www.trademaven.com/ -
TradeMaven Market Profile Training on Thursday at 3:30 pm Central - join me in the TradeMaven Inside Edge Room - http://trademaven.omnovia.com/tmaven.
The password will be "trademaven".
Happy Halloween!
Pivot Support and Resistance Levels
for Wednesday, October 31st:
What is Inside Edge?
A comprehensive trader’s education forum focused on e-Mini S&Ps and U.S. Treasury Bond Futures. TradeMaven’s Inside Edge features the necessary analytics and execution information in one place to speed up your decision process, keep you on the right side of the market, and eliminate so much of the noise that surrounds trading today. This unique forum is the brainchild of Charles Cochran – a trading pro who has spent the last 15 years fine-tuning a proven methodology that eliminates extraneous information and concentrates on the market activity that matters: the market activity that foretells the market's next move.
