Today is Wednesday, September 22nd and the markets were on the move today.
Things started to move after the fed announcement at 11:15 am this morning. The market shot up several S&P points only to sell off soon there after. It looked like an 18 point sell off from top to bottom in less than an hour. When you get moves like that, it is best not to fight it. Look for entry points in the direction of the sell off. If your timing is not right you can suffer a loss, so stay alert for the next one.
That sell off today, did not look to good for the bull’s. The current uptrend is still somewhat in tact but it can not suffer much more of a draw down from here. The bulls need to come back in and bid this back up. Another day like today and it may all be over. We will get that bounce back up that I was talking about yesterday and that is going to tell the story. If it is a week recovery bounce, the bears may elect to sell into strength and there goes your rally. Very critical area, so stay alert.
We came very close to 10,000 Dow and not far from 1100 on the S&P there may be traders and investors jumping the gun. No one wants to be left at the gate holding the bag. You look down into it and find out that its empty inside. Many of these guys probably said I had enough and started to close out positions. Well lets hope the rally can stay in tack for a little while longer. It will not be up to me, but we can choose to see it, then react off of it.
Below, today’s turning points. http://www.screencast.com/t/oDxnBv2Iw
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Tags: federal reserve, holding, investors
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