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It's Friday, there is only one trading day left in the week, so I want to cover a couple of questions that I get from time to time in todays report. I will do a short review of a few things first, and then I will just cover everything else in greater detail in the weekend report. For now, this report contains a brief review, a couple of trade ideas at the end, and a lesson or two in the middle.
SPX - No change here from our expectations. This looks like day 6 of a new daily cycle.
Read MoreEvery now and then the Markets give us a bit of a conundrum, and it takes a little extra time and meditation to get to the bottom of things. After the Fed Decision was released and I began to review the charts, I ran into that very situation. Lets discuss the markets and I will show you what I mean...
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DJIA - This is not the conundrum. We got a Gap open in the morning and then the markets sold off a bit into the close post fed. Nothing has changed here yet, this looks like day 5 of a new daily cycle.
Read MoreTrading was going rather smoothly recently in many areas. We were trading some Biotech, Steel, Copper, and Fertilizer stocks, and TECH stocks were also acting correctly. Suddenly this week seems to have turned various areas a bit choppy. We saw some Bullish Earnings for the big Tech stocks, yet other areas became a bit shaky. Take a look at charts of TGB and IPI and you'll see crazy shake out type moves that are not normal price action. On top of that, we are now on Fed Wednesday, so what can we expect? Well, the Oil and Energy trades still look good to me, so I want to discuss that a bit more. Let's also discuss how a Fed Wednesday could possibly affect other areas too.
This is a market scan on Fed Wednesday Morning - Just about everything is green really. Click to enlarge
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