With so many journalists / analysts essentially stating as fact that some version of Operation Twist 2.0 is on the books for tomorrow, I thought it might help to toss up a friendly reminder of what happened, via price action, when “Twist” was introduced. The claims being made are basically beyond cocky; the Fed must ease, and this version of it, while not a long term solution, seems to be the most likely at this point. But a short relief rally? Possible. Every day it's a spitfire of events; While the Fed is unlikely to be the only one making headlines tomorrow, they will likely dominate.

EUR/USD, 15 minutes, September 21, 2011