FED Day

Well I don't trade on FED day but I wish I did this time as the volatility and test of yesterday low proved that a bounce was on tap. As I said yesterday and obviously hind site is 20/20 I thought we would get a bounce and it might have proven that I was dead right on the exact day of the bounce here.
The FED did its job of really telling the money managers that the economy is really on shaky ground and they dont see it improving for another 24 months. Yes this might sound bad but what this does is not make manager wait on every single meeting wondering what the FED or economic outlook might be and as you know the "Unknown" is always a problem with markets.
I expect this bounce to last maybe a couple days and possibly into weeks but I will play it very short term as the last week has been really volatile to say the least.

First upside resistance should be 1208-1212 area then 1245 which I think is where we should find some heavy resistance. Now if the FED signal their might be a QE3, I expect us to ramp much higher. As I said yesterday or the day before the risk reward was no longer on the side of the shorts and that's why I wouldn't be short.

Will see what we can muster up here for some longs.