We are going to CANCEL all the initial spread orders in both PORTFOLIO #1 and #2 for October 2013.
Larry Summers' surprise decision to step down coming just a few days before the central bank meets on Tuesday and Wednesday, when the Fed will decide when and by how much to scale back its asset purchases from the current pace of $85 billion a month seemed to have moved the futures indices up this evening
The Markets look to perceive longer periods of easing should the other leading candidate for Fed chair, Janet Yellen, get the job.
Markets perceive Summers as less accommodating to aggressive policies such as quantitative easing and would have been more likely to scale back quicker than the more dovish Yellen, who is currently the second in command at the Fed.
With the DOW futures up more than 166 points and the S&P up over 18 points, ,as of this email,it is usually not a good time to enter any of our spreads with a GAP open almost certain tomorrow morning.
Hence, are canceling ALL the initial October recommendations that were sent Saturday.
We will revisit October recommendations after the market settles in.
If we decide to enter any of these recommendations tomorrow, you will be notified by email.
However, I highly doubt any reissuing of these recommendations will be initiated tomorrow.
We will probably look to add October positions later this week, but not tomorrow
Once again, ALL October recommendations are CANCELED.