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As mentioned in last nights report, we saw an explosive move in Commodities yesterday one day before the Fed Decision. That caught a lot of people who were not in front of their screens flatfooted. Last nights report also pointed out that it looks as though what we have been expecting to occur during the Fed Speech is beginning to play out. Lets go shopping and see if we can find some low risk entries developing in OIL and Precious Metals.
Lets re-visit WG. Rather low priced, I recommended this beaten down Energy stock here at $0.80 and $1.00 in early Sept.
It Popped and ran to $1.80 rapidly and now has formed a bull flag type pattern, landing on the 10sma. You could buy this with a stop under the 10sma as a low risk entry.
Lets keep shopping...
Read MoreEarlier this week I certainly thought that the markets were waiting for the Fed Decision on Thursday before making any big moves. Today Oil, Energy, and Precious Metals jumped the gun and were off and running! We'll discuss more than just those areas, but first lets revisit what we were watching for.
WTIC - The set up was a Bull Flag pinched between support & resistance. Normally I would buy this with a stop below support, but I cautioned that the Fed Mtg Thursday may cause whip saw.
Oil is not waiting for the Fed Mtg. Many energy stocks were up over 10% and some were 15-25% today alone.
I will post some charts of energy stocks set up nicely at the end of the report.
Read MoreMondays trading was a little like watching paint dry in the markets and Tuesdays wasn't a whole lot better. You can bet that things will pick up at all when the Feds decision on interest rates is finally handed down on Thursday,and it's almost here. Lets look at what we have so far.
SPX - Tuesdays move gives it the look that it wants to break higher. If it does it may just back test of the break down.
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