Its the day after the release of the FOMC Statement, and it is worth saying, that there is no way to know, with any certainty, how the market is going to respond today and tomorrow (that’s usually the case everyday really). The market is all over the place this week, and I am struggling to have confidence to trade in either direction. I also haven’t been too happy about my management of my trades of late, as I have been over-managing them (yes, you can do that!) and far too often trying to remain one step ahead of Mr. Market in the process. When you try to do that, you’re usually going to end up on the losing side of the trade.
Overnight, we got Asian markets sporting losses between 0.6% and 1.3% while the European markets are down on average about a half percent. US Futures are currently showing a slight negative bias with the Dow down 11 points, and the NASDAQ and S&P each down 5 points and 1.25 respectively.
On the economic front we have the usual, all-important Jobless Claims and also the Productivity and Costs (both at 8:30am EST). Jobless Claims will no doubt set the tone for the market today.
Here are Today’s Trade Setups…
Bullish Candle Setups: FUN, TWTC, ZBRA, DIOD
Bearish Candle Setups: ELS, EXEL, BDX, UFS, CRTX, NHP, INSU, TSYS, NUV, MHS, THS
Stocks Ready to Bounce: AYE, NVTL, GFIG, TSRA, MLM, AVA, VSEA, CCMP, XRAY, VMC, PMC, FE, CDNS, MWW,
Stocks Ready to Pullback: THS, BDX
Breakout Stocks: Coming Soon!
Breakdown Stocks: Coming Soon!
