Market popped with a big gap open and then chopped around finishing slightly lower than the open on the day, but still significantly higher on light volume. If you were long coming in to today you could make money.
The Non-Farm Payrolls for December is on Friday and there is another Europe meeting on the 9th so these events may cap a new rally until they unfold.
The Fed announced a new 'communications campaign' wherein they will release their economic outlooks. Consider how bad their forecasts have been in the past this looks like just a broadening of their jawboning reach for the management of market perceptions.
The big gap open set up the potential for an 'island top' if we get a gap down on the open tomorrow. So the ball is definitely in the bulls court. Since the volume is so low they can easily take the ball and run if there is no overnight news of the disturbing kind.
