Stocks managed a rebound from yesterday's selling to close in the green. The Nasdaq was up .6%, the SP 500 and Dow Jones Industrial Average were up .5%, and the SP 600 finished up .2%.
However, volume was lower than yesterday's selling. The low volume rebound still shows investors are selling and not buying. Normally you want to see higher trade on a rally after the selling we saw yesterday.
Now to the topic of the day: the Fed. The FOMC started their two day meeting today and will tell us the decision that they have reached tomorrow. Most people think a 17th straight .25 basis point hike will happen. Others think .50 basis points will be what Ben targets. Either way there will be another hike and that is all we need to know. The other good news about this is that we will not have to talk about the Fed for at least a day or two when next week begins.
Once again, I am not sure what else to add. Nothing has changed from anything I have posted since returning June 20th. The market is still dead. Stay awake, stay positive, and keep those watchlist updated.
I shall see you in Investors Paradise.
New Swing Longs: NWS FSII WMG
New Swing Shorts: BEAV TPP
Longs Outperforming: OMNI-171 UARM TSCM-150 PAY-31 GPIC VLG-30 CTCI-52 PNRG-65 ABI BWP DDS CXW CTXS-43 HMSY Q-71 FORR IDEV NAII GMTC TIII SBIT
Shorts Outperforming: WSM MNST TRI VCG APOL CRXL USG FRZ JOYG ELY ISCA SOMX GTRC BBBY APD
Stocks On Radar Screen: PENN OATS DHIL NICK KR
3 comments:
Josh, I notice youre short GPI- me too, just added to that. I have it up on my humble chart blog
http://stockcharts.com/def/servlet/Favorites.CServlet?obj=ID1798149
I am mainly just waiting to read and react and we'll see where we are at the end of the day today.
I cant stand all the hens sqwuaking today on the street (e.g. realmoney) and talking tough about making all these adjustments at the last second before the meeting.. Doesnt that just mean youre not organized or youre emotional if youre doing that stuff an hour before the meeting?
good luck
Elliot
Corvallis, OR
Can you explain how you have a 150% gain on UARM?
Do me a favor; reread the longs list. I think you will see you have misread it. TSCM is the ticker symbol. You know the one right before the 150. Not the one before the one before the number.
Is this one of the World Cup refs???
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