Now it's up to Europe

It's looking like we'll hit our targets, at least AAPL got us in the area, now it needs to stick overnight.

 This is AAPL afterhours and at their earnings, note the upside momentum waned about the time of the conference call seen at the bottom of the chart, that's when guidance would have been given and guidance was on the low side.

 ES so far saw the AAPL boost, but since has been lateral, that's why the EU open will be the next event to influence ES, which in turn will influence where pre-market trade opens tomorrow morning.

The reason ES is rather flat is because since the close, the EUR/USD hasn't done much, again, Europe is crucial to the US open.

After that, come the afternoon it will all be about the F_O_M_C statement. There's 1 time I remember we caught a 3C signal before the policy statement, a clear leak of the policy statement, but only once as media outlets have the policy statement before it is announced, just embargoed so they can speak intelligently (as far as that is possible) about the statement. In other words, some unscrupulous errand boy could make copies of the embargoed policy statement and make a quick call to a buddy on Wall Street and probably get a Ferrari in return for the early info. We'll watch for signs of that, but so far only once.

As to the policy statement, it's anyone's guess and it could be and probably will be a definitive market mover, even if they change nothing from the last statement. One thing to be aware of is the F_E_D effect, there's ALWAYS an initial knee jerk reaction, it can last 15 minutes or a couple of days and then the market seems to either reavaluate what was said and the market changes direction or more likely, they need sometime to set up their positions and the knee jerk reaction is what helps the do that. Just be aware that first reactions are not usually the final reaction whenever it comes to the F_E_D.

Lets keep our fingers crossed that our plan goes according to plan, the market moves higher on a fast volatile move, we see excellent 3C divergences and short strength, that's been the plan since April 10th and hasn't changed.

There really isn't much more to say, it's now just a waiting game and perhaps an adjustment game.

At the time of the policy statement it's unlikely my reaction time to emails will be very good, I'll be watching for any hints in the market so if it is absolutely urgent, put "URGENT" in the subject line and just be ready for and expect a wild initial knee jerk reaction, but realize that it is not in concrete unless some very unlikely thing are said.

While these are very exciting market moments, they are my least favorite as they are the biggest wild card in which we have little edge because Wall Street has little edge. If things go the way they are supposed to, we all find out at the same time. However, as I mentioned, we did catch one leak and reacted to it before the statement was issued for a nice trade.