On Tuesday traders covered their shorts ahead of a potential QE3 announcement this weekend when world's major Central Bankers meet in Jackson Hole.
With the Fed having been severely criticized for their QE1 and QE2 they may not be calling any new "money printing scheme" QE3, some analyst suggest the Fed may call it OT2 (operation Twist) but is is basically the samre thing.
If the Fed (Plunge Protection Team) has their way, short-covering should continue into the weekend, but only time will tell as can easily over-run their best effort.
Key support for short-covering to continue on Wednesday is 2090 - 2100.
- Above that target up is last week's swing high, either lower high or higher high.
- Below that NQ may test the consolidation cpoint of control 2060 - 2070. But if that does not hold, I will be looking for a test of last Friday's low.
