Fed-Speak Saves Markets From Further Decline

(Source:  http://danericselliottwaves.blogspot.com/ )

The market opened sharply lower this morning and looked on target to meet my 181.46 objective.  Instead of letting the markets play out their natural course, once again,

"Remarks from St. Louis Fed President James Bullard also helped perk up stocks. In an interview with Bloomberg TV, Bullard said that the Federal Reserve should consider putting off winding down its monthly bond purchases this month as planned."
Source: (http://finance.yahoo.com/news/asia-stocks-sag-us-fears-europe-stabilizes-080429350--finance.html_

The Fed can't but help themselves in trying to manage the market.  But the effects were less than what could have been in the past, OR TOMORROW, when Janet Yellen speaks.

It should be obvious that there is little effect that more QE could provide, other than to continue to make the market rise.

I'll just post Daneric's chart from today as it is similar to my thoughts on the market.  I sold some November calls accumulate yesterday and bought some November 185 puts in anticipation of a move to the 170s.  Daneric marks this level as (V).

My view:

I see some definite trade ranges and expect that before the down move is completed, we will move to the bottom range and possibly even lower, to the 163-164 level.