Bias-up target met ahead of Beige Book.

[pay]The afternoon’s bias-up target wasn’t calculated very high since there was no accumulation pattern to trigger a rally. It was more along the lines of being noise around the morning’s lows. And the noon hour’s pattern didn’t change things.

So now the bias-up target has been met just before the Beige Book news, perhaps a bit of inappropriately timed optimism. Back under 1269’75 would signal momentum reversing down, with a stop above 1272’25. But beware the fast market conditions likely to follow the news.

If the reaction is positive, I will not be interested in getting long without first seeing an accumulation pattern.

[/pay]