I have been traveling most of the day today (note to self: be sure to better distinguish between one and two day FOMC meetings before planning when to return from vacation) and managed to miss most of the market's action.
The first thing that caught my attention tonight, apart from the post-announcement bullish reversal, is the relatively rare occasion of the ISEE's 10 day SMA down below 100. With the exception of the first month of available ISEE data (October 2002), this has happened on only two previous occasions before:
- August-September 2006 -- the beginning of a sharp bull move
- March 2007 -- proved to mark an impressive bullish continuation
Count me firmly in the bullish camp for the moment and looking for a retest of some lows to confirm this sentiment.