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  • RT @BrendanFaganFx: 77 counterparties take $1.283 trillion at Fed's fixed-rate reverse repo $USD $DXY https://t.co/AkjvsM4MJP
  • The Federal Reserve will release a new Summary of Economic Projections (SEP) as well as the first ‘dots’ in the dot plot for 2024. Check out @CVecchioFX cover September Federal Reserve meeting live AT 1:45 PM ET ! https://t.co/Bh5ZYMFEDi
  • $SPX holding support, 40m to go until the statement support, prior res $ES $SPY https://t.co/ag2rIYRfPz https://t.co/lFFODhoin4
  • ...I don't believe the markets will ever be okay with the Fed bowing out of stimulus. As market sentiment normalizes, speculative exposure increases proportionally, meaning there will always be a market premium to contend with. A form of the sociological 'normalization' effect
  • Equities pull back from session highs as traders eye the FOMC meeting at the top of the hour $ES $SPX $SPY https://t.co/nI3lIr8xVc
  • ...that is my take on the panic around tapering. I'm not advocating for expediting rate hikes, but to continuously punt easing back on stimulus by even a marginal amount only compounds the market's dependencies - increasing moral hazard.
  • 'The economy and markets are so strong that we can't reduce the $120 billion per month asset purchases. Further, if only we can continue this path for an indefinite future, the market will absorb the external risk on its own.'
  • Also, here is the schedule of FOMC meetings from now through the end of 2022. If the Fed doesn't signal taper today, next scheduled time is Nov 2nd and 'quarterly' event time is Dec 14th. Will taper be easier w/ one or two more high CPI updates? https://t.co/XFrwo24xbD
  • Here is my FOMC scenario table going into the rate decision. While a delay in the taper call seems feasible with the market wobble, there will always be wobbles before and the existential threat of a mkt tantrum. Always a hostage? https://t.co/MIDk28lQBS
  • Gold prices are pushing higher so far this week and the FOMC is waiting in the wings with their September rate decision. Get your market update from @JStanleyFX here:https://t.co/rVrJnq0Rgh https://t.co/td0i0PTQZz
DailyFX Technical Focus: 4/9/2014

DailyFX Technical Focus: 4/9/2014

Jamie Saettele, CMT, Sr. Technical Strategist