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Tuesday was a little like watching paint dry in the markets. Not a lot has changed, but it is important to watch how the various sectors set up going into the Fed Mtg next Wednesday. How they approach that Dec 16 decision might give clues as to which direction the next move will take.
SPX - This was Dec 7 and the markets dropped a bit, but remain above the 50sma for now.
SPX - Tuesday it is still holding the 50sma, but at this point I see signs of internal weakness , not strength.
Read MoreHave a plan, and stick to it. If something moves rapidly in the wrong direction, don't get upset and don't panic. Remain as calm as possible, take action if necessary. These are my rules for walking the Serengeti and Trading. 🙂
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GOLD BOTTOMS -
Lately Golds lows have been hard for some to hold. "Have a plan and stick to it. If something moves rapidly in the wrong direction, don't get upset and don't panic...."
More on precious metals later
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SPX - It will be interesting to see where we are on Dec 15th. This could break down or form a triangle here.
Read MoreAfter this weekends report, I wanted to look at some charts of stocks for buying opportunities. The theme chart above was an older buying opportunity that is now a bit extended. It may pullback and offer another low risk entry, but here are some current opportunities...
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