The all important Fed day tomorrow

If it were not for the Fed meeting tomorrow, one could short the market blind-folded. OEX closed below pivot 693 and right at S1 691. This does not bode well for the bulls tomorrow. By this time, the market should have rallied into Fed meeting. Somehow, the market is smart enough to sense what's coming ahead. Contrary to most beliefs of a 50 basis point rate cut, the market seems to tell us that either there will be no rate cut (as echoed by Mr. Greenspan) or only a 25 basis point cut. This will invoke a sell-off and if uptrend is to be maintained then it should halt at 685ish.

2c