One of these days I’ll convince myself to take Fed days off. I usually just watch and seldom make a trade. Today was no exception.
The morning started with a four point gap, followed by an eight point rally. With most
commentators certain that Fed news would be No news, maybe today would be tradable. Wrong. The next three hours and forty-five minutes went sideways in a 4 point range. Then came the “excitement.”
Fifteen minutes before the Fed announcement, some traders tried to anticipate the news. Prices ran up to touch the daily high and then retreated. The report was released, and prices dropped to touch the daily low and then rallied. End result — we ended the day right at the center of the four point mid-day range. One of these days ….
