Tuesday still finds us hovering in the same old zone again, and waiting.... The energy sector showing some strength so far today and probably keeping the balloon floating for now. XLF, XBD and RKH still in the dunce chair even with all of the rush to pay back TARP funds so the big bonuses can be paid before EOY. Funny how they waited until the last minute for this?
Tomorrow's calendar includes the all important FOMC announcement at 2:15, but before the bell we also have CPI and Housing Starts, with the Petroleum Status Report at 10:30. Keep an eye on the RIMM chart tomorrow as well for possible clues on their earnings for Thursday as this could move not only the Qs, but also AAPL and the rest of the gang. I worked on a few charts of SPX last night for possible time/price projections using Fib time ratios set from the October '07 high to the March '09 low, so it'll be interesting to see how this plays out, but something to consider. Looking at the volume from last year, it really starts declining (obviously) and didn't really seem to pick up until the 2nd week of the new year, so we'll keep that in the back of our trading brains too. There remains the possibility that profits could be taken off the table before year end against losses incurred last year, but this is nothing but postulation, and I think the last thing TPTB would want is to tank the tape to end the year on a down note. 2010 is a huge political year and the jockeying for power is sure to show up in the market and the way it's managed (or manipulated if you will.) Good trading to you all going into the afternoon.
Hopefully I have this right, since I’m still learning myself, but
I’m sure if I’m not, DDT can correct me. Also, these charts
are of yesterday’s close and don’t include today’s action.
TD Sell Countdown is marked in pink, with TD Sell Set-up marked in red.
