By: Scott Redler
I came in pretty long today as I’ve been riding this uptrend since it started in early July. There have been times to be heavy, times to be light, and times to just sit back and feel it out. This is why I use a tiering system to be able to book profits, but at the same time stay with a move if it’s technically intact.
At this point S&P rallied off the today’s low of 1111 and is around 1116ish. I have lightened up some to be safe. This market needs to prove to me that I can hold multiple positions and stay with this move in the face of what appears to be a very soft economic environment.
The Fed announcement is at 2:15pm today and that will most likely be the deciding factor after 3-4 false moves.
THE FLOOR OF THIS MARKET THAT WE NEED TO HOLD IS 1104-1111.
Market has come off the lows of today, but I don’t see any tremendous leadership today. NFLX is a monster, and RIMM and AMZN are positive. Still, nothing is standing out tremendously. I am watching to see if AAPL continues to hold 255-256 and can get back above 260.40. GOOG is holding 500 but not leading yet.
GS needs to hold 153ish and lead the banks but it’s not showing me anything yet.
X is trying to hold 46-46.50
FCX filled a gap and now I would trade vs. 72 low
We covered the rest of our shorts in the ags and some are even long versus the lows after three down days. Stay flexible here.
I do not think the Fed will announce quantitative easing 2.0 today, but that’s just my opinion. Stay tuned, and let’s see how the market receives the news.
