By: Scott Redler
After two harsh down days, traders were hoping for a gap down into important support to make it a easy scoop long. 1085ish was the level I was hoping to buy with open arms considering we were just at 1131 Monday. So with this muted open and Fed Announcement midday–we will need extreme patience for the right setup.
Some damage has been done in Tech and I don’t see any clear cut set ups. AAPL and BIDU are acting the strongest.
Banks still can’t sustain a bounce- but watch action close for news from Washington.
Casino’s don’t have a set up. LVS broke upper laggard and MGM and WYNN are rangebound.
OIH had a 7 point pull in with BP holding 29 still. Nice short yesterday, now I’m not sure.
Gold is tricky right here. It’s still in a uptrend but watch close, pretty potent down day Monday. I am only in tier one long- I sold cash flow tier on the open Monday into the gap up. If GLD were to break 119.50-120 gold can be in short-term trouble.
The best set up would be if market goes negative – trades thru yesterday’s lows and accelerates into my buying zone and reverses to close strong. We shall see.
You’re better off watching the U.S. soccer game today.
