Place Your Bets

In the spirit of all the pre-FOMC excitement, is going to have a little fun.  Take a stab at tomorrow’s closing S&P 500 index price.  Closest to the pin gets their choice of a one year membership for yourself or a (very good) friend — a $1,750 value — or a one-hour chat with yours truly about a topic of your choice — markets, charting, forecasts, trading, etc.  Submit your entry (only one, please) HERE by today’s close and I’ll announce the winner after the close tomorrow.  Good luck!
Update:  entries for our little contest to predict tomorrow’s close ranged from 1900 to 2137.02.  The mean was 2062.70 and the median was 2035.  I’ll post the winner right after the close tomorow.  And, THANKS to everyone who entered!

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Yesterday was a strange day, with SPX tagging our downside target (after an 18-pt spike that instantly reversed itself) and then going on a 25-pt tear led by ramp jobs in both USDJPY and CL.  It was just what the doctor ordered.  From our initial post:

The futures gave up almost 30 points overnight, but signal a small gain at the open.  SPX needs all the help it can get, as a drop through the white channel bottom would likely mean 1991-1996 for starters.

Today should be about positioning: the bulls for a breakout and bears for a breakdown.  With the futures up 22 points before the open, it’s pretty clear who has the upper hand in the after hours.  But, it’ll be interesting to see how things go once the rest of the world arrives and thinks long and hard about event risk.

Note that USDJPY bounced off the bottom of the channel from 2012 yesterday.  The two previous bounces were Aug 24 and Oct 15 — not shabby entry points.   Today, it’s all about the 100 and 200-day averages.

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