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If you look at the volatility in the stock market lately , it would seem reasonable to believe that this Fed Mtg Day could be a shaky one. Yesterday TWTR ironically got rocked from an untimely tweet on their earnings. As mentioned in a prior report, Housing stocks MTH, PHM, TOL, LEN , DHI all got rocked, while MSFT, NFLX, GOOGL shot up higher with their results. After the bell, SSYS, WYNN, AKAM and a few others joined TWTR in the selling off , so we're getting a mixed picture with the weeks earnings reports. And then there was this chart...
IBB - Yes, it has recovered it's 50sma before, but it has work to do. Thats some pretty high volume selling lately.
With the IBB 2 day drop, something interesting happened with the SPX...
Read MoreLets discuss GOLD& SILVER briefly.
Read MoreMonday morning when we woke up, The General Market Futures were higher and it seemed like smooth sailing. Suddenly a storm was moving in and things started giving it up . With an active week of Earnings and the 2 day Fed meeting , lets take a look at the charts and see what we can see.
IBB- This was taken as of 2:30 P.M. Eastern time ( I added the end of day volume) .
We've seen this before right? A huge drop at the end of March and recovered at the 50sma. Is that what we can expect? Let me show you what it tells me..
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