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On the first day of the two day Fed meeting the S&P futures gapped 1.5 handles higher, made its low in the open and there have been no rallies to sell.
From 11:00 to 2?30 ? the S&P has been locked in a 1 handkle range from 1697.50 to 1698.50 .
We said things would slow today and the habdle range says it all…
SPZ high 1698.70
SPZ low 1692.70
SPZ last 169
Total volume : Low 1.35mil ESZ -440k from Globex – 550k ESU/ Z spreads = only 360k in the outrights
ESZ/1.3m 360k mini traded total after Globex and September roll (light!)
MOC to buy 258 million
FOMC MEETING ANNOUNCEMENT
MBA Purchase Apps.
API Crude Inventory Numbers
Bernanke Press Conference