The FOMC minutes were exactly what traders expected but the market failed to react.

The news was already priced into the market and there were dissenters to the Fed position on almost every level. We appear to be headed for another round of easing but the market may not be headed up on Wednesday.

The dollar is falling overnight and that should push equities higher but today's market action was lackluster. I continue to be worried that we are due for an October surprise. I know I said I would consider new entries after the Fed minutes but I was not convinced.

We saw declines in the market on both Monday and Tuesday that were reversed by late day buying but sellers were still evident. I want to take this day by day and look at it again on Wednesday before making any decisions.

October corrections are normally particularly violent so any positions we owned could become negative very quickly. Nothing is lost by waiting for an entry point with less risk.

Please be patient as we wait for the next entry cycle. We will not enter a position just to make a trade. We want to enter new positions only when the risk is manageable and the chances of a profit are in our favor.

Jim Brown



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