With the FOMC statement coming out tomorrow at 11:15 PDT, we may have another rally to our exhaustion point. Now, don't ask me what the Fed could possibly say to make everyone happy. Interest rates on mortgages have pretty much drifted back to their pre-announcement levels after the Fed said they would be buying treasuries in an attempt to reduce mortgage rates. Looks like just one more failed policy.
Unless we breakdown right after the statement, which has happened in the past just not very frequently, we will likely close at the high of the day. If that happens, then I'll be adding to my puts at the end of the day.
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