Few things were as terrifying to the Star Ship Enterprise’s crew as being caught in an enemy’s tractor beam. That unrelenting pull towards certain doom was a frequent plot device that tested, but never bested, the ingenuity of Kirk, Spock and Scott.
So it is with the “market’s” behavior when it comes to central bank announcements. The bankers have discovered that it’s better to repair the damage before it’s done by fostering a sizable ramp prior to an unfavorable announcement. It happened before Brexit, the election, and lately with the Italian referendum. Why should the upcoming ECB and FOMC meetings be any different?
We remain long from 2208.79 yesterday afternoon.
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