The Fed successfully managed to hedge the removal of ‘patient’ from its statement by conveying the need for patience with other words, the fact that the fate of the world hangs on the wording of a statement from the Fed tells you just about everything you need to know about the state of the markets. The ‘dovish’ statement caused a USD puke and everything else followed from there. Usually an igniting bar like yesterdays is a good indicator of a new trend but I am a bit sceptical of this one. The USD has almost returned to the scene of the crime and is still in a v strong uptrend and the markets have been at best frustrating for bulls and bears for a while now. This doesn’t necessarily make the market an outright short but I do think caution continues to be warranted.
$TRIB holding in reasonably well would like to see it through 20.00 soon. I’m not sure why the 18.80s continue to present such consistent resistance but if we can leave them behind I think the stock could begin a new uptrend.
$SPY in all likelihood will be an inside day today. Edges to watch 211.27-206.62!
$IWM leading. Closed at new highs.
$CL_F big rip on USD weakness yesterday, has been sold into ever since. Unlikely we have seen the low
$AAPL cleared its DTL yesterday has joined the Dow today, worth looking at on weakness but probably leave alone for now
$BABA acting much better, I messed up the entry yesterday, looking for a new Long entry.
$FB looks like it is ready to go, needs to break 82.00 on volume. Look for a strong trend to be involved with Long.
$FEYE and $CYBR had interesting candles yesterday. Still watching.
$GOOGL is acting better, broke consolidation to the upside and is in an uptrend. I like it at 560.00
$SPWR solars were strong yesterday, this one has held its ER gap v well. Watching 32-34.00 range
$TWTR still waiting for some volume and a break of its range. Be patient.