I thought we would’ve bounced hard right out of the gates today, because for all of 2013 that has been essentially what we have seen, but this sell-off is much different from the ones we’ve seen throughout this year. This one has character to it. The bulls tried to bounce the market higher in the premarket, and at one point it was up 13+ points on the S&P 500. But before the market could even open, futures had eaten away at most of those gains. 

Then after the open we saw a second attempt, only to be met with hard selling yet again. The day’s range is already 21 points and we are only half way through with the day. 

That is why I have been saying for months now in my daily trading plans that I post on SharePlanner each day, that the market only cares about what the Fed can do for it. Nothing more, nothing less. 

Sure I would’ve have loved to of been short a bazillion perent prior to the FOMC statement but I wasn’t. 

I tried to play the bounce today, but that wasn’t happening either. 

So I have to be patient, and wait for us to close in on 1608 before I can really start piling on the short positions. 

Much Patience. 

Here’s the chart showing you my thoughts on this. 

1608 bounce needed on spx 

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