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.

1640

Trying again to take on that 1640 area. Markets are still coiling so not much to do yet but I am still on the bullish sign as long as we are above that 5Oema sitting at 1602 area.
Here is a time to be patient as I just see coils
SOHU and ICE are two coiled plays

Update

Definitely the bounce off the 50 EMA proved to be a floor again- we are 40 point above it and just like the last time we hit the 50EMA market bounced hard-

Update:

CTRP new highs
MGAM new highs

not a lot of action but we are still coiling close to the highs so definitely leaning long on strong sectors like bios.

LONGS

Here are a few interesting stocks that look higher

CTRP
MGAM
VECO

Update

The market continues to grind here.  Its stretched away from its mean, and it is starting to look more and more tired up here.  This can continue longer than you expect, but its important NOT to get caught flat footed and completely complacent here.

1640

Well that didn't find any resistance!!!! Oh well

My only stock position is VNO which I am long @ $87.

we had a small buy signal at end of day yesterday I would would not be trying to short today if you are a short term trader though i believe a blow off top is coming.

Biotechs still going higher

Biotechs are still going higher- I guess I came out of IBB AND CELG too soon. Got to watch rotations and see which sector is next