Alert: Markets Saved, Duh!
The markets have had a wild session today, opening lower, shooting higher on consumer confidence numbers only to get slammed and make a dramatic move to new lows. The SPDR S&P 500 ETF (NYSE:SPY) $128.30 support level was nailed perfectly, called in the Intra Day Stock Chat. Since then, the markets have roared back, now just holding slightly to the negative side. Should any of us be surprised that the markets have made their way back towards the flat line? Absolutely not! There was no way in hell that the markets were going to have a big down day today, ahead of President Obama's State of the Union speech tonight. Let's be real folks, all of you should be smart enough by now to realize the amount of propping going on in the markets means they would never let it fall sharply into a major address to the nation by the President. They have propped the market higher day after day for months with Federal Reserve creating the artificial wealth effect. Of course they would not stop today of all days. The key is to be a manager of your own money. Who cares what the markets do? Just trade it. That is the true key. Prop the markets up, we make money, let them fall, we make money. That is how everyone needs to be. In addition, the markets are waiting for the Federal Reserve's policy statement on interest rates tomorrow at 2:15pm ET.