Wednesday, October 31, 2007
Fed moves / market moves
Fed went 25 bp as expected, and also as expected indicated that they were shifting to a neutral bias which should limit the market's expectation of another cut at the next meeting. NQ formed a perfect double bottom and rallied bigtime, a cool 40 points off the DB. I was nervous pre number and bought 400 SDS to "hedge" my portfolio exposure. Fortunately I sold it out for a small profit after the Fed rate announcement. T notes sold off as once again the 6D system provided a valid sell signal with a maximum of 4.5 tics heat!
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