Driving Miss Crazy - 7

FED Spaketh, Dollar Dropeth, Stocks Riseth: based on our intraday comments and count, we were expecting an up day today. We were expecting a potential ((C)) wave, up. We did get more than that. A new local high occurred on the daily chart. And, to be honest, we were not expecting that.

The daily slow stochastic which had lost it's embedded reading yesterday regained it today. Here's what I want to know: even though I was watching it, what allows the FED Chair to pick a Brookings Institute meeting to clarify FED policy to such a degree, and, yet, as the result of FOMC meetings absolutely none of the clarifications occur in those press conferences? In the press conferences, he confuses, he obfuscates. Here he clarifies and in express detail says what he is looking for. Really. Why today? In case you don't get my drift, it feels over & over again like the fix is in. How would it be known that the this FED speech gets as much attention as an FOMC announcement (in terms of access for the public)?

Something really stinks. Do I care what the new announcement precisely is in detail? Very little. Do I care that the FED itself is creating an unbelievable amount of market volatility all by itself? I do. I really do. Some serious money could be caught the wrong way in such a move. Somebody could get royally hurt. As the chart shows, today's move isn't even the largest up move - although to listen to the financial media, you'd think that the Equity Gods had visited Wall Street in person today.

No, as I have said repeatedly, there is nothing doing to the downside until or unless that lower parallel trend line is broken, then back-tested, and then the back-test fails. That just hasn't happened yet.

And I really hope - with all the FED members caught insider trading, against the FED rules, and with the "off calendar" monetary missives - that FED Chair Powell is sleeping well at night. I, for one, have lost all respect for this organization. And for him, in particular. I listen to what they do - because I have to. I listen to what they do because, as a retail trader, they will essentially vaporize my account if they don't. I don't listen because of their wisdom, their finesse, or their skill. They are engaged in market manipulation, and worse, and I simply do not condone that.

Have a good start to your evening,

TraderJoe