On Tuesday, the 11th, we found our thrill on Capitol Hill when Janet Yellen testified before Congress (summarized in my Wednesday post) and the markets took off like a bat out of Hell and today, after a snow delay, is the second part of her double feature testimony over at the Frankenstien place we like to call the United States Senate.
Will the markets do a time warp and repeat the rocketing performance she set off that week or have we already taken all she has to give (see yesterday's post for my market angst – today I'm staying positive!)? As you can see from Dave Fry's chart – so far, my prediction of pump and dump action at the top of the channel is paying off and we're having tons of fun trading the Futures but today it's put up or shut up for the Bulls – as finishing this week without taking new highs will not be good enough.
Already this morning, we picked up our Egg McMuffin money with an early short from Dow (/YM) 16,200 to 16,050 ($750 per contract) and Russell (/TF) 1,080 to 1,070 but now we flipped bullish again at 16,100 (7:08 am) with tight stops – hoping Janet can once again make a new man out of the markets (had to get in one last Rocky Horror reference).
IN PROGRESS
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COMMENTS ( 1 )
posted on 22 January at 07:27
I do trust all the ideas you've introduced for your post. They're very convincing and will definitely work. Still, the posts are too short for newbies. May just you please lengthen them a bit from next time? Thanks for the post.