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On the day before the biggest Federal Reserve meeting in a few years, the market went down. The Dow was not down to badly, but the RUT and NDX both took near 1% losses which was a 2% beating for me and my long positions. Normally the pattern is slightly bullish heading into the announcement, then a selloff, then the following day we go up. There is also the common pattern that whatever action we see on the fed announcement day we see an opposite move the following day.

One thing I know is that as soon as Bernanke is done talking we’ll see a big move either way. Hopefully its up for my positions. If not up tomorrow, the market is likely to test its August lows within 30 days.

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