Stocks fell across the board on Tuesday, with the SP 600 down 1.6%, the Nasdaq down 1.6%, the Dow Jones Industrial Average down 1.1%, and the SP500 down.9%. The big loser of the day was the Semiconductor Index. That index fell 3.75% on the session. A very nasty selloff. There was not a major market sector that escaped the selling.
Volume rose across the board, giving indexes another distribution day. This is another negative notch on the rally attempt that started on June 14. The only consolation is that volume is still below the 50 day volume average. However, selling like this after the weak bounce is very negative for the short-term.
The rally attempt is still technically alive but it is just barley breathing and I don't expect the lows to hold. However, only time will tell.
Speaking of time; that is all we have. The trade has been random and choppy intraday as we await the FOMC meeting to finish up on Thursday. Right now it is all up to the Fed. Until they tell us .25 basis points or .5 basis points, the market is just being held hostage by Ben.
Stay patient, calm, and keep cash ready for that perfect moment. We may not be near it yet but it is still wise to stay patient and not overtrade while we deal with the choppy and random negative market environment out there.
I shall see you tomorrow. Great luck out there.
New Swing Longs: DGX
New Swing Shorts: TV IWV PD SM APD TIE
Longs Outperforming: HSR-59 CTCI-49 OMNI-156 LRCX-32 ABI VLG-28 HMSY PNRG-63 PAY-28 FVE
Shorts Outperforming: SIVB SWC JOYG BPFH USG ELY ASA TMO DIA EWY CLF DB ILF AMAT FCX IYM EWZ RTP RF STLD RS ATI MNST RES UAG TRI AVID LZB MEOH ZRAN OCAS UNS WDR DFG FLA WABC MAFB BTH IKN FIX NAL APOL GPI FRZ ISCA SOMX BBBY GTRC KRI CTCO
Stocks On Radar Screen: LCAPA
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