I truthfully don't know if I want to trade during the Fed. Ever since 1998, I don't know if it has been a profitable event to trade, so I ALWAYS cut my size and usually make one or two trades IF that. Look back over history and you get about 15 minutes of action and then all of a sudden, the price stops, goes sideways and inexplicably is in the same exact place it was prior to the announcement.
Personally, I think this will be a dud as they have said over and over: rates low through 2013 (can't change that statement today) and that inflation and growth levels are below expectations. Those last two statements could be changed. Bernanke could have "inside info" on unemployment data and could give us a warning shot to temper the markets if the September unemployment report is horrific!
I will say it again, I believe the Fed gets data early and they try to temper the blow if it is a major dissapointment. So if we are expecting 100k jobs growth and we get 0 or a negative print, Bernanke will try to tell us that subliminally in the statement - that is MY opinion!
We also have Europe on the docket as far as fundamentals, claims tomorrow and that wraps up the week.
Technically, SPX is still in the range and closer to the top. Will we break through it? Disney (DIS) has a small trendline of resistance:
Past performance is not indicative of future results
Technically in forex, we had the day's highs in the EUR/USD tested and proved to be resistance (at the time of this writing):
Past performance is not indicative of future results
We await Bernanke....
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