The SPY had a minor new closing high yesterday but as shown yesterday, it looks like we are in the same range we have been trading in the last 4 weeks. Basically, you either chose to sit on your hands or shorted select stocks/indexes today to play the range the last couple days. Tomorrow is FOMC day, expect the usual treatment which normal trading into the open, then very light volume range trading leading into 2PM ET and of course the massive spike in volatility afterward. Remain patient, I doubt we will trade sideways 4 more weeks… lol
Economic Data:
Wednesday: Building Permits (0.58M), Core CPI m/m (0.2%), CPI m/m (0.4%), Current Account (-106B), Housing Starts (0.59M), FOMC Statement, Fed Funds rate
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Popularity: 18% [?]
