Pre Market TAO Wednesday 6-24-09

ES futures overnight are moving up to 899.50 in anticipation of FOMC announcement today at 12:15 et.....Durable goods orders are better than expected ....New homes sales report is expected 8:00 and is up as well .....crude down...gold up $US Dollar is down...treasuries are up .....looks like Spy will Gap up at open....I plan to close out my long at the top of this gap and run 900+ then reenter short after fomc .....
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9:41 et am ...i closed out my spy long at 90.25 for a profit for the week .....the market appears to be strong but i am determined to stay with my plan unless there is new info........i expect the rest of the day to be a floater....untill after noon session ..it could reach 9040 .....
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10:25 et am......There you go ...the market will almost always push it farther than expected ...90.90
...i dont try to ride the moves all the way .....i just like to take a big bite out of the middle of the move.....spy is reaching short target high.....good low risk place to dip in at the 50% retracement....9075
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11:45 et am .......spy is rotating around the 50% and 62% fib......this may be a Bull flag building here but i don't think so......we should continue to move sideways for next few hours ...till fomc.
be prepared for an up spike just before announcement......price will most likely test the upper $SPX 910 channel
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2:08 et pm.....you can see the pressure building in the charts ........if bernackie is dovish the dollar will drop ......if he is hawkish the dollar will rally big,,,, this is all about the value of the US Dollar.... so strap in and put your Ber-Bul Helmet on... could get bumpy
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2:30 et pm....Fed statement ...milk toast.....and oat meal.........for every one this summer!
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The market will most likely not take it well over the rest of the week.....so we stay short spy...
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Bulls are really put'n up a fight at this gap level 8980....
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close .....pulled 250 points out for last 3 days ....not to bad......I have covered my short here at the close ....I'm gona let them slug it out without my money...we'll see how they did in the am...