Lets Check This Puppy Out

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Lately things are playing out as expected, but it's always good to check this puppy out and see what is happening along the way. 

I didn't have a Friday report post Fed,  because I had 2 reports on Thursday.  Lets review charts and see how things played out.

My NASDAQ chart from Sept 16 -  Many were thinking that the markets were ready to rally to new highs after the Fed decision.  I saw a rising wedge and a lot of resistance.

NASDAQ 9-16

NASDAQ Sept 17  ( Fed day)  Rejection at resistance.  This was saying to short the markets.

NASDAQ 9-17

NASDAQ  - Friday Sept 18 , The day after the Fed Decision. This is still within that wedge, but that was a high volume drop and there is a lot more room to drop stochastic-wise.

NASDAQ 9-18

This was the SPX on Thursday Sept 17.  Price was rejected

SPX 9-17 Read More

Is Your Basket Empty?

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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.

WG

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. 

WG 9-16

Lets keep shopping...

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Fed Thursday! On Your Mark…GO?

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Earlier 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. 

WTIC 9-15

Oil is not waiting for the Fed Mtg.  Many energy stocks were up over 10% and some were 15-25% today alone. 

WTIC 9-16  

I will post some charts of energy stocks set up nicely at the end of the report.

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