Thursday, June 18, before the open. Okay, so we KNOW the Fed is trying to save the market. Not only has it been stepping in and undergirding it with corporate bond purchases, but it has even been announcing that it has been doing so! It did so back in the morning of Thursday May 14, as the market was looking to fall away… and that launched this massive Fed-fueled rally that got us to where we are today.
Then, only 2 days ago, back on Tuesday, the Fed did it again… and we can see the result. What has that been? Another massively huge rally of stocks into all new high price territory? Not exactly.
We got a one-day explosion, and the past two days, Wednesday and Thursday, have been clear days of stock distribution! Selling into the rally.
Now, here we are today, and there’s going to be 3 major reports released. Two at 8:30 and one at 10:00. Those 3 reports are likely to set the tone for at least today. Of great importance is the one Fed report on economic progress or circumstances. Will it be good… or maybe not so good?!?!?
Let me ask you this ONE question, and ask yourself if it might not be an indication… On Tuesday, the Fed felt the necessity to undergird the markets with a 3/4 of one TRILLION dollar corporate bond purchase… just 2 days before a major economic report release. Why would you do that IF the report was going to be good, hmmmmm? I’m sure I don’t know, but we will all know before this morning is done, I believe!
I will add, and close on this note… The futures are trading mildly off this morning. I suspect there is a holding of the breath, and a waiting on those upcoming reports at 8:30 and 10:00, before the real market action will get underway.
Harold
Elite Wall Street Investor 
Interesting market action today. Lately I am reminded of what an old friend used to say: It’s all good, nothing matters.
Oh, today was fascinating! Did you see the intra-day chart? Yesterday’s close was resistance 2 times today… There’s a lot of money coming out!!! Harold