Well, the much talked about Fed meeting is underway and concludes with a decision on interest rates tomorrow at 1pm CT followed by Fed Chairman Yellen’s news conference. I still believe we are correcting the big move down. The market is now as overbought as it was on July 16. I talk about this in the video below. Continue reading
The market was getting very compressed, as I discussed yesterday. Today some of that pressure got released. But I don’t think this a lot for bulls to celebrate.
Patterns haven’t changed. The market is still fighting some strong downward momentum. And the S&P 500 is in a solid resistance zone.
Also China’s Shanghai Composite Index took another hit. I go into all this in the video below where I also look at FEYE and TWTR. Continue reading
The stock market is waiting on the Fed this week and China continues to produce weaker than expected economic numbers. This combination led to a down day on Wall Street and the most compressed day of the last 18 trading days.
The last time the market was tighter than today was August 18. That was the first day of a 6-day downdraft in the market. In the video below I review today’s action and look at trade ideas on LVS, FEYE, WFM and GS. Continue reading
The bears are taking a break as the consolidation continues. The DJIA was up 102 points yesterday and 330 point for the week. In the Weekend Market Analysis video below I look at all the market action in detail. In addition to all the key ETFs, I look at Micron Technology (MU) today.
Also in this week’s AskJoe Show Episode 2, posted yesterday, I discuss the long-term Elliott Wave count for the DJIA. Continue reading
The market continues the coiling process of the last couple of weeks after the big breakdown in August. The DJIA was up 77 points today but the Hi-Lo indicator continues to read negative. I talk about my expectations in tonight’s video.
Stocks tonight are LULU, CAT, SCTY, TWTR and UAL. LULU got smashed today, down 16.4%. As a result our trade idea had a nice profit. Continue reading
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