It seems Chuck Schumer's "Get to Work, Mr. Chairman" was taken by the market as an order from the Senator to start QE3 and has rallied off the intraday lows since about the time he said that.
3C (1 min) is following along, but I get the feeling this is just reactionary price action. It will be the trends that develop in the longer timeframe intraday charts that tells us what is happening in to swings like this, are they supported or under distribution? Hopefully we'll see some of that action in today's trade.
The 1 min charts...
DIA is in line right now, it was negative at the opening gap up. I have a feeling when the testimony ends, we'll see some disappointment as Bernie hasn't committed to anything, but we'll have to see, but this is why I think we are just seeing reactionary noise right now.
IWM negative on the open, in line right now or confirmation.
QQQ neg. on the open, a positive divergence and in line, but momentum seems to be fading in 3C.
SPY the same theme as the rest.
Lots of noise thus far, that's why I'm hoping longer term charts will show clear trends in to these volatile moves.
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