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As mentioned in yesterdays report, I find that as each day goes by I have taken profits and lightened the load a little bit since buying the reversal low in Miners. I am doing this until the volatility, and thus the short term uncertainty, passes. Let's review the markets again...
SPX REVIEW AGAIN - Feb 6th I pointed out that Markets may drop a-b-c style to the 200 sma, and then flounder around trying to form a base.
NASDAQ - That went for the NASDAQ & DOW too, as seen here...
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SPX - REMINDER: 2 weeks ago I showed how the Markets can base build after such a sharp drop & added volatility. I mentioned that they may drop to the 200sma in an A-B-C type drop and then even go sideways. SPX actually did drop to that 200sma after I posted this , so this may be base building. See the next chart...
SPX - So far, the above pattern is playing out. Drop to the 200sma and now we wait and see.
Read More Today is the release of the Fed minutes. At times we get the same reaction that we saw when the Fed Decision was released, and other times we get the opposite, so that is todays question...what will todays Fed Minutes bring? It shouldn't be as bad as THAT guy thinks, but it is worth paying attention if you are rather heavily invested.
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SPX - The markets pulled back a bit on Tuesday, but after that strong 6 day blast higher, the pull back was minimal.
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