Appears the market is forming another pennant going into the tariff decision this weekend.
Nobody expects a rate cut, so the market will probably whipsaw on the Fed and do nothing in the end....
If the Chinese agree to a partial deal, then we probably get a melt up through January or whenever the full deal gets made. If the tariffs aren't cancelled, then watch out below.
No positions except for some CIEN calls for tomorrow's earnings. Staying out of the Fed whipsaw, chasing it is gonna be a good way to lose money, since I expect the market to go in both directions after the press conf.
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Here comes the meaningless Fed whipsaw in 7 minutes....
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Note: AMZN and retail appear to be bouncing, as long as Powell doesn't tank the market, I expect an up day tomorrow.
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Powell speech at 2:30.
Note that AMZN is in the green for the first time this month.... bullish if it stays that way until the end of the day.
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Note that the pennant is invalid if the Powell pump goes any further up.....
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ECB meeting in the morning (7:45 am), futures could whipsaw before open.....