So it’s “the day after the Fed failed to throw us a bone”.. and also the day before a nice 3 day weekend.. at 1pm NYSE volume is 680 million.. Tiny !
Things are pretty quiet, but I did add some RTSX on this intraday pullback. Notice how the daily range (high - low) has gotten smaller over the past week or so.. “Range Contraction”.. That’s one of two primary chart patterns that I seek for trade entries.
well, the 10 year yield is up 10 bps.. back over 4%.. guess the bond guys are busy.. not me
my FWLT has been a thing of beauty.. 17.40 to 19.70 this week.. i will be holding firm in my LT accts.. but trimmed 1/2 in the Swing Trading acct.. & looking (hoping?) for a pullback/shakeout soon.
FWLT may yet see a new break North this afternoon.. when it gets this slow, the momentum boys can’t help but focus on the same stocks as each other.. increasing the intensity of the moves.
What was the bone from the FED you were hoping for? End of the increases?
i personally was not hoping for anything.. it doesn’t matter to me what the Fed does..
but with recent increased fears of a large synchronized global economic slowdown (including China), the market would likely rally on signals that the Fed is even considering and end to its rate hikes. any such signal is the “bone” i referred to.
the Fed gave no hints/information, so the market sold off hard on Thursday afternoon as those traders hoping to catch a Fed-induced rally unloaded stock.
psychologically i think this Fed “inaction” will probably put a cap on the market indicies for a little while.. problem is, the longer term charts look bullish. because of the direct conflict of those 2 variables, this is a moment when i have very little conviction in picking overall market direction.
so, i will be playing individual stocks on both the long and short sides.. rather than long only as in recent weeks.
i’ll post some charts and commentary this week..
Nice commentary Buckner…
Cool site Buckaroo, I’ll try to keep visiting the Oracle when I have some downtime.
You’ve been bookmarked!
-Hambro