Good morning. I spent a lot of time going over chart last night and this morning looking for clues on the overall direction of the market. A long story short, everything I look at is suggesting we should sit on our hands today. I get the impression that the decision from the BOJ and the oil report will completely overshadow the decision from the FOMC.
I think Rick has it right. Take profits where you can reduce risk to the market and then sit back and watch the show. If you have been putting off fishing, cleaning the garage or taking that special someone out on a date, today, would be a good day to get it done.
Click here to watch the video.
Good morning everyone and Happy Monday! The market is surprisingly happy this morning considering the terrorist activity in New Jersey this weekend. Normally that would dampen market enthusiasm but this morning it seems to have no effect.
Tuesday begins the 2-day FOMC meeting with the announcement on Wednesday at 2 PM eastern time. However, the Fed may be overshadowed by the BOJ which is largely expected to make a significant early Wednesday morning. Many are speculating that the BOJ will further cut interest rates deeper into the negative zone.
With all that going on we wise to expect just about anything on Wednesday. Until then don’t be at all surprised to see light volume choppy price action rule shortly after the morning rush.
Let’s have a great week!
Click to watch the morning video.