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Buzz of the Street: Top Tick on FOMC Day?


Some of this week's most insightful and timely vibes.

All day and every day, some of the stock market's best and brightest traders and money managers share their ideas, insights and analysis in real-time on Minyanville's Buzz & Banter. Check out some of the best of the buzz and for those minyans not currently subscribed, click here for a free two-week trial.

Note: Some links may require Buzz subscriptions.

Monday, September 21, 2009
Fibonacci Support Levles
By David Waggoner

If there is anything left in this rally I am of the opinion that it can only extend from the last pivot at S&P 991.25. Therefore I am focusing on the shallow retracement levels of the move from 991.25 to the high at 1071.25.

Two key bounce levels offer a possible extension higher, 1051 and 1041. Both of these pivots are Fibonacci confluence levels pairing retracement pivots of the move up from 991 with extension pivots down from 1071. The more symmetrical and obvious pivot of the two is 1051.

Click to enlarge

A move higher targets 1078 -1080. It is more likely a corrective extension than an impulse wave extension.

A move lower must break through the two key pivots that are accentuated by Fibonacci confluence zones in order to gather momentum. If these pivots are broken that breaks the pattern up from 991 and likely the rally as a whole.

Tuesday, September 22 2009
In Reverse!!
By Fil Zucchi

A Bloomberg news piece that just posted suggests that the Fed has started talks with primary dealers on Reverse Repos, to begin draining some of the excess liquidity in the markets.

Something tells me tomorrow's Fed statement might create a fair amount of excitement.

Dollar Strength
By Minyan Peter

To Fil's earlier post.

I can't help but wonder if this a well-timed pre-G-20 strengthen the dollar step.

If I were the Fed Chair, it strikes me that a modest stock market pullback would be a small price to pay for harmony in Pittsburgh, especially now that even the weakest large banks have issued plenty of stock.

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No positions in stocks mentioned.

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