F.O.M.C – Back At The Crossroads

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(This report was written Tuesday  night )

Warning, this report goes against " common group think"   Why? Well , I want to show why slowly but surely it looks like the "Buy The Dips" crowd may be exiting the building and the next few charts may be proof.  AAPL & YHOO  had pretty good earnings,  can they save the day?  Or will it prove to be just another bounce? We shall soon see, but it's also another F.O.M.C. Wednesday and as you know...anything can happen after 2 P.M. Eastern time!   In the meantime, lets glance at a few charts.

 

MSFT -  Oh she used to be a wall street darling.  This is a Weekly chart and so far the volume is HUGE for 2 days.

MSFT  

Is that just a fluke?   A one bad amongst many beauties? ...

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I WANT TO SHARE SOME TRADE IDEAS

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Due to the Storm approaching New England, I may lose power   ( As mentioned in my wkend report), So I want to share  a few possible  trade ideas  for you to watch , in case I wont able to post anything tomorrow. Let me start by showing you an Energy stock that got taken out to the whipping post.  It is beaten down and double bottomed. It seems like all of the downside ( At least for now) has been met. Risk reward is skewed toward less risk  (Using stops) and more upside potential if conditions play out.  Some of these stocks could just "Bounce" and do very well.

EXXI WEEKLY - Double bottom with a MACD cross?

EXXI DAILY DOUBLE  

Why would I call it low risk though? Isnt it high risk, in danger of getting cut in half again?  Well, consider  this...

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I Want To Emphasize Caution

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Have you ever seen Black Ice?  living in New England I've seen it a lot. It looks like solid dry black pavement, but  Suddenly you see someone walking along and   Whoosh! , their feet fly out from under them and they are flat on their back.  Invisible Ice.   Well on occasion, I've  seen something similar occur in the markets.  You're going along and all things look solid and safe when suddenly...Whoosh! things slip away.  I want to mention this now and first off, so that THAT image sticks in your mind when I cover the weekdend report.

Our recent consolidation that was looking a little  Bearish in many ways (as shown in prior reports) Got Draghi juice and suddenly looks a little more normal. This is the SOX index on Friday

$SOX

Does that mean we'll break out in Bullish fashion soon? ...

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