Originally Posted by james

That would be nice, although the market is oversold and setting up for a good rally, quite possibly to 13,000+. I still think it has lower to go before that happens, but this morning is not pleasant and could easily just keep drifting up to the Fed meeting. A close above 12,305 would be bullish.

But if the USD/JPY still holds correlation to the stock market, it would bearish because the USD/JPY is tracing out a clear correction and is poised to make a new low. However I can easily see the Fed cutting 100 bp and the USD/JPY plummeting while the stock market rallies. We'll see.