Not much of anything going on in the equity or bond markets since the FOMC announcement, however, in geenral, the equity market appears bid, while the bond market appears offered for the time being. Perhaps the most important reaction to the FOMC statement has been the climb in euro/dollar from 1.5540 to 1.5640, which has popped the grains (wheat, corn, beans), which in turn has popped the DBA (DB Agricultural Commodity, ETF) to test near-term resistance at 41.00. If hurdled, let's expect the DBA to surge to retest the June high at 41.42.



Mike Paulenoff is a 26-year veteran of the financial markets and author of MPTrader.com, a real-time diary of his technical chart analysis and trading alerts on all major markets. For more of Mike Paulenoff, sign up for a free 15-Day trial to his MPTrader Diary by clicking here.