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The S&P 500 Index had a very flat session on Wednesday as traders await the announcement from the FMOC as there is an expectation for quantitative easing. If we do not get this, this market will suddenly become very vulnerable, and we could hit the 1400 level fairly quick. However, the Federal Reserve has shown its proclivity to do what the markets tell it to do over the last couple of years, and as such there should be much in the way of surprises.
The 1450 level giving way on a break to the upside would be a very strong signal to start buying the S&P 500 futures, the SPY, and higher beta stocks such as financials. On the other hand, if we fall we are going to aggressively get short until we get below the 1400 level. At that level gives way to the sellers; we are aggressively selling futures markets at that point.