FOMC

FOMC decision today. Nothing doing here today, decision should be out 2:10pm.

Where we stand

Here we are folks the Bulls made a good stand on Friday, after worse than expected Job Numbers sent the market reeling early on. After a nice base setup that originally looked to be a Bear flag, the Bulls stepped in and pushed the market back up into the close. while ti was still negative, the buyers made their point: They were using this weakness to get positioned on the long side.....at least for now.

The close back above the 200 day moving average is bullish and suggests we are ready to move higher. So, do we have the green light for full steam ahead? Well, not so fast.....

As the chart shows, there are key Fibonacci retracements that stand in the way of a full blown rally. For now, I will be watching those levels as backstops to short against IF A REVERSAL PATTERN SETS UP. YES, I AM HEDGING MYSELF! I believe we can see higher if those levels are breached, but I will not get stubborn if they prove to be formidable opponents.

The FOMC meeting is this week, and there has been a historical tendency to trade higher into it. coupled with the stand the Bulls made on Friday, I will be watching for weakness early in the week for a buying opportunity.

Job Numbers

Job numbers worst than expected but the drop in the futures is not much. Just have to see how is plays out. Maybe they want to hit 1150 on the S&P before they really sell- One thing is for sure, unemployment will remain high for an extended period of time.

Job Numbers

Job Numbers in an hour.
I bet we have some excitement today as I will be out, it always happens

POT-

Today, POT traded into the 62% Fibonacci retracement from the big move down that started back in March. If we break this level, the next one up is the 78.6% retracement at around 119.

GOOG Resistance

Watch the 50moving average for some resistance on GOOG. Back over $500 but don't think it will go far

No expansion yet