Again, this blogger was right on the money about the direction and size of market move today. In my market outlook posted at 09:24 EDT (before the markets opened up this AM), I said that if the market held the 880 level of the SP 500, it could take out the next level of SP 500 930.
WELLLLLLLLLLLLLLLLLLLLLLLLLLLLLLL
That's exactly what the markets did today and more. Not only did it hold the 880 level, but it didn't return to the 825 previous LOY (it may very well still do that before too long), but it completed a PB (pull back) to the 1100 time frame and then over the rest of the day with the big push coming at the EOD (end of day), took out the 930 and 940 levels before settling at 939 for the close at 1615.
Right on, eh? Come back tomorrow morning and I will tell where I believe the markets will go tomorrow even with the FOMC announcing its STIR (short term interest rate) actions at 1415.
Stay tuned.
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