Pre-FOMC And All Is Quiet
The market is stumbling around in a very quiet trade this morning. The SPZ pit is 1/2 full, as most traders wait until just before the announcement — usually 1:15 CST — before beginning their day. We opened near the session high before falling back and filling our small upside gap open. Our low is 1453.50.
I have not traded this morning, because for a daytrader, there is no reason to be involved before the FOMC. Why? Because normally, and I stress the word normally, nothing happens in the morning. After the announcement look for my three fakeout play before the trade makes up its mind in terms of direction. Until then, take a long lunch.