FOR THURSDAY: (9/27) Not sure we learned much from the FOMC meeting except that the market was overbought and end of the month profit-taking is needed. Still, Oct. seasonal buying isn’t far away and they will jump on buying the corrections over the next few days. Doubt that the political circus on Thursday will have any impact on the confirmation and we can all wait on the next scandal to keep us entertained and keep CNN ratings up. Where is Walter Cronkite when you need him?
DEC. E-MINI S & P 500
TRADING RECOMMENDATION: Wait for morning comments.
S & P ANALYSIS FOR THURSDAY: (9/27) The day after an FOMC meeting is often lower and we had a bias toward lower prices into Wednesday/Thursday, although weren’t willing to commit. Since the market the market already hit 2910, we have to be open to the lower target to 2887 and then 2869.50. Cash has key support at 2892. Usually one can get away selling the night session on an FOMC day and making money in the morning. Ideal sell spot is closer to 2923-24 and we may not get it, and hard to sell overnight with the minimum in.
CYCLES OVERVIEW: Lower Thursday; higher into Friday.
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