Just to let you know, no update next two weeks....gonna' be a bit screwy with the silly season upon us. Longer term pivots will likely be ephemeral in effect. If you're trading the daily pivots, and perhaps the weekly pivots will have some effect, but in the reduced volumes the probability of being algo bait is much greater. Anyway, the week that was:
The "economic" news was, at worst positive, yet the market sold off after "The Bearded One" announced the Fed would purchase additional MBS equal to the amount of the terminating Operation Twist. So we now have, in the parlance of @Shaq48 (the immortal trader...Jeff Davis) The Buzz Lightyear Easing, "from infinity and beyond!" The Fed will buy until they have met their new mandate of lower unemployment...this is big in Fed parlance folks. The Fed was always pretty much only concerned with protecting the currency value...now, they are concerned with this new parameter. This moves the Fed deeper into the web of the political equation, and frankly, may give politicians another party to blame for their folderol.
Anyway, the week that is:
