The good news is we don’t have to do squat

A wild day for the The S&P 500 spells out a technically bullish performance after accumulation sets in.

But from a Tape Readers perspective we see today’s action as not that supportive of the Fed’s plan to use foreign banks to create a lending window to troubled banks.

The good news is we don’t have to do squat. We want the market to work out its bias issue on its own. Whether it ends up trending up or down will be better seen toward the end of the week – we hope.

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