I've been looking at the 30 Year Bond June 2008 contract and on the 360 minute chart there is a counter trend trade shaping up. If the contract cannot get to 121 soon and then breaks and holds below 119 it could very well go to 116 or lower.
No matter what the Fed announcement ends up being today, the big players have already decided what they are going to do. They will simply put spin on the announcement to fit their agenda.
(Disclaimer: http://esl.typepad.com/tradingtechniques/disclosure-and-disclaimer.html)
(Click the Screenshot below for a full view)
Enjoy,
Ernest O.
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