Thursday, June 20, 2013

Update

Recap:  Early chop leads to a dip after the FOMC meeting announcement as the market closes on its lows. volume came up and breadth was pretty Bearish.

It was super choppy early, but Breadth could never get going, which I guess was a hindsight clue.  At the time, it was just boring.

For today, we are oversold, and into support.  We've turned into a rangebound market here, so a chop out into the weekend would not surprise me.  I don't want to even make a lean one way until we see a move away from the current slop.

For today, weakness is a buying op with confirmation, but again, I won't be hanging around long if we cant get some follow through.

No comments: