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Friday, September 22, 2006

Trading on FOMC day?

Ok, the FOMC meeting is finally over & true to what I said in my earlier post, it had turned out to be a non-event as market has already priced in the decision of keeping it @ 5.25%

I'm not sure if I mentioned before that I sit out on FOMC meeting days. Stock market prior to the meeting is usually range bound & most traders (incl myself) wish that such meetings could be held at the the start of the week or at least before market open. FOMC announcement on Wed @ 2.15pm ET means that its hard to trade on Mon-Wed morning. And I avoid trading AFTER the announcement as well as I noticed there tends to be head fakes & I don't want to be caught in a whipsaw position. I'll rather wait for the dust to settle & start looking for opportunities the following day.

Having said that, I came across at a short trading video by Hubert on Trader Mike's site on trading the FOMC day. Interesting stuff. Go take a look, but I'm not saying it suits everyone.....


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