As funny as the Christmas Story clip was yesterday, I consider this moment from Home Alone 2 right up there with it…this is equivalent to how the bears must feel over the past 10 months when every time they get the market on the brink of selling off hard, WHAM! a brick comes flying in out of no where, hits them on the knoggin’ and they give up all of their gains as the bulls triumphantly roll on to new highs.
And today is no different – bears managed to push the market down lower yesterday, only to see the bulls come fighting back with pre-market strength. Currently US Futures has the Dow up 48 points, the Nasdaq up 13 points and the S&P up 7 points. Asian and European markets are also showing gains today. On the economic front, as mentioned earlier, we have the FED releasing the FOMC Statement at 2:15, and you can find it at SharePlanner right away when it happens.
Other reports to be concerned about is the Consumer Price Index and Housing Starts that come out at 8:30am EST. Both of these reports will have a huge impact on how this market opens up today – but nothing will impact the market as much as the Fed Statement so tread carefully, and don’t try to ‘game’ the 2:15 announcement by trying to go long/short off of how you feel the market will react to the statement – you aren’t likely to get it right if you do.
Also, an update on one of my open positions – PetMed Express (PETS) – I have tightened my stoploss to 17.22.
Here are Today’s Trade Setups…
Bullish Candle Setups: BWX, SVA
Bearish Candle Setups: JAZZ, LTC, BKH, VTA, ABVT, MFA (very nice set-up), SWX
Stocks Ready to Bounce: RCI
Stocks Ready to Pullback: IMAX, UAUA, ALK, NTRI, BCO, APKT, KOF, UNS, GAS, SWX
Breakout Stocks: PAY, ZINC,
Breakdown Stocks: RDK