Please Note: Blog posts are not selected, edited or screened by Seeking Alpha editors.

Intraday Market Notes -- August 1

|Includes:CurrencyShares Swedish Krona Trust ETF (FXS)

2:00 pm ET: The market is just hanging out waiting for the Fed decision coming up shortly (2:15pm ET). Watch for volatility following the announcement which is the typical response as investors work to make sense of the wording surrounding the accompanying statement. Media pundits are forecasting that the Fed probably doesn't yet have enough economic data to justify further monetary easing policies and most expect no action until the September meeting at the earliest.

Should the consensus forecast turn out to indeed be the case, investor "hopium" will be dashed giving nothing with which to prop up the market, meaning that it will be no surprise if the market slides going into the close. Should Friday's jobs numbers disappoint, this market's house of cards will have even less support and could well come tumbling down. In light of this possibility, investors with long positions may wish to buy some insurance (index or stock puts).

Trade Update: The rise in the Swedish Krona (NYSEARCA:FXS) was noted here two days ago. Since then, it has gained a dollar breaking $147 resistance and is looking to push up further.

Stocks: FXS