Good morning. Now that we are past all big news maybe we can get back to some trading. I would lover to say back up the truck and start loading up on stock but when you look at the overhead resistance that would be a foolish thing to do. There is no question that market looked bullish at the end of trading yesterday however it is also undeniable that resistance has been a major player in the market indexes and should not be ignored.
As with any big move, follow-through is essential and it is not required to do so immediately. We must continue to plan trade carefully and keep ourselves focused on the overall chart, not a single day.
That being said there are a lot of nice looking charts and you should expect to see some trade alerts coming out today.
Trade Wisely,
Doug
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Good morning. It’s Yellen day and without question, it is going to be a tough day to trade. The BOJ did just enough to keep the bears from showing their teeth this morning but let’s keep in mind the market has now gapped up 4 days in a row only to sell off the rest of the day. Fool me once shame on you, fool me twice, Shame on Me!
At 10:30 eastern time will get oil numbers and that has proven to move the market in the past. At 2 PM we will finally hear from the Fed with the press conference at 2:30. Expect some very wild price action right after the news with some very big whipsaws in just a few minutes.
I will likely sit on my hands most of the day if not all. Trading the news is the domain of the big boys so it’s better to stand aside and let them duke it out. We will enter after it calms down and a directional decision has been made.
Trade Wisely,
Doug
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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.
Trade Wisely,
Doug
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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!
Trade Wisely,
Doug
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