Choppy Sailing & The Fed

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Trading 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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Tuesday Oct 31

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Did you know that this is a Fed Week?  I don't think that anyone is expecting any changes, and so far, not much has changed from the weekend report. Let's have a quick review and discuss the Oil / Energy stock patterns too.

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WEEKEND REPORT – MAKE IT CLEAR

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Last weeks weekend report showed what the BIGGER BIG PICTURE expectations are. This weekend I want to cover the various sectors and explain in a short clear manner what the expectations in the near term are, going forward.

 

DOW - As mentioned last weekend, The weekly chart makes it clear that the DOW is not pulling back as much as it normally would during daily cycle draw downs into the Daily Cycle Lows.  See the chart.

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