Dow jones transports update today, This is the leader of the market and we are currently sitting at 15755 and right on the 50 moving average line (BLUE)
As you can see the 50 EMA has been a line in the sand so to speak and will be for next week. Remember this coming WEDNESDAY we have the fed announcement which will be a big one, where by they will announce whether or not they will taper.
My guess is NO they will not TAPER, but time will tell, and we shall see what BS they have up their sleeve.
Ben has a few more months in office, and he has already blurted out in his previous speeches that Taper will not happen. He said if he tapers he could cause interest rates to skyrocket and collapse derivatives markets. At the moment he is not willing to let these events happen. Or so he says anyway. While I think these two events will happen in the next few years, Bernanke is sort of saying.....NO WAY NOT ON MY WATCH! So I really doubt there will be many big EARTH SHATTERING news next week. It will pretty much be the same old bullshit, just talked about on a different day! You know the drill.
For now the charts play much more importance anyway, and we are in no where mans land. Looking at the chart below you can see alot of traders are still ready and waiting for the FED'S announcement mid next week. Until then, happy trading.
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