1pm update - awaiting the Fed

The main indexes are still holding moderate gains, but Mr Market is clearly waiting on confirmation from the Fed that the QE fuel will not be reduced until at least mid September. Metals remain very weak, in stark contrast to a rather strong Oil, +1.5%


sp'60min

Summary

I still find it hard to believe the market is not going to break into the 1700s in the current 5 week long up wave.

I sure ain't shorting the indexes at these levels, there is simply too much risk of a further 2% or so of upside.

--
First of the $38 - IPO level, sellers have arrived in FB

Still, from a short-side perspective, the stock is surrounded by so much hysteria, best left alone.