As I flip through the charts here I can see that the NASDAQ has kissed the underside of its 200 day MA while the SPX came mighty close this morning to the 1210 area we have been talking about. I'm not sure we are done to the upside intermediate term but the fact that we ran up to resistance points and then clicked back down suggests that there is something to them. The Fed head talks tomorrow and walks our rates up again. I don't think they are going to give this market what it wants in terms of accomodation in the wording of its decision. That likely makes some selling more likely.
I'm going to walk through each of my charts in the next hour or so and cull some, take profits, or simple decide to hold if they are acting well on decent volume. I will almost certainly be looking to sell and hedge a bit too come this afternoon (if we close at/near the highs) and or tomorrow.
I'm going to walk through each of my charts in the next hour or so and cull some, take profits, or simple decide to hold if they are acting well on decent volume. I will almost certainly be looking to sell and hedge a bit too come this afternoon (if we close at/near the highs) and or tomorrow.
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