How to Get Ready for Fed Day
by Tony Rago
These kinds of days, with the Fed and earnings in play, can be tough sessions for day-trading futures.
The typical day is busy for the first one to two hours, and then the tape basically dies until the 2 PM ET announcement. And so the real moves come from the chairman's press conference.
Ultimately, the way to trade a Fed day is to get your trades in early and then take a step back; most of the time NQ isn't even tradeable around the announcement and presser, so, if you must trade, I'd look at ES for opportunities.
Overall we're still weak under the weekly opens 23520 (NQ) and 6450 (ES). Let's see if we can retest the lows from yesterday.
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