Expect big swings in the market to continue this week as Federal Reserve begins two day policy meeting tomorrow. Market is expecting more clarification tapering. If the Fed continues easing policy we could see market continue the trend higher. Good idea to trade the action short term till we have more clarity. For now its good idea just to keep an eye on USDJPY pair and interest rates. As I write this note, USDJPY is bouncing and future are up nicely. Likely to trend would continue higher. Close over Friday's high on SPY could be very bullish.
SPY Levels
165.10
164.67
163.98
163.30
162.70
161.20
160.30
159.70
158.10
Trade Ideas -
ENH - Breakout play
IRBT - Move to high 37s possible.
QLIK - Swing long with stop at 28.
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