I apologize but this Week in Review will be brief as I am having some unresolved software issues and I can't pull up my charts. Before Friday's session, I suggested that traders let the market commit to us before we commit capital to it. Heeding that advise keep you out of the market waiting for confirmation that a top was in place. Reviewing price action, Friday could best be described as choppy action that certainly didn't get me excited about placing any bets to the short side. From a technical standpoint, various momentum indicators suggest an imminent top but the fact is that nothing is resolved and it remains to be seen if a lasting top (wave 2) is in place or if the bulls will make another run at the 1134 area.
Focus in the early part of this week will be on the FOMC meeting. Typically we see an upward bias before the announcement but I will not be surprised to see a narrow trading range on Monday. So being patient is key. I should have my computer issues resolved tomorrow morning and hope to have more detailed comments in tomorrows daily wrap.
Once again, please accept my apology on the lackluster post.
Best of Trading
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