Thursday, October 13, 2011

Getting ome market movement

There's some momentum intraday as the market moves toward new highs on the day and there's a bit of volume there. I still need to check the options chain for a possible expiration pin tomorrow.

A couple of hours ago, as predicted, Slovakia passed the vote on the EFSF and as I alluded to, it looks like they'll be getting a new government for doing so. When this first became an issue I said that they're a small country, susceptible to bribes and other things.  I'm wondering how much campaign cash the opposition groups received from some EU entity so they would cast their votes for the EFSF and thus, have a chance to finally move from the minority to the majority.

There has been some movement in the Euro since the vote was passed, which of course relieves the bearish tension in the market and should effect oil and some other commodities positively for however long this lasts. I think the last semi-rhetorical question I asked about the day that this vote would be passed, which wasn't in doubt, was "Sell the news?" We'll see. For now, it's time for the knee jerk dance.

 EUR/USD 1 min from about the time the vote was passed, the best I can tell.

SPY 5 min which has shown some positive divergences suggesting an intraday move into the gap.

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