Morning folks. Looks like we got a market gapper with the SPY up .5% premarket. Market will probably be all over the place as we have multiple economic reports coming out along with the Fed at 2:15.
- Advanced Retail Sales are set to report at 8:30 a.m. ET.
- Business Inventories are due at 10:00 a.m.
- FOMC Rate Decision is to report at 2:15 p.m.
Today is a key day. We have been experiencing gap downs for 3 out of 4 days with a slight deterioration in breadth. We have had the 20dma underneath holding up as support. We do have a bullish bias on days like today so need to hold here above yesterdays lows and fill some yesterdays gap and make a run back to s&p 1260 zone. Trade tight today there are often a couple whipsaws on fed days there is an initial reaction that often gets faded the other way so be careful to not be reactive today and let the market come to you instead of chasing.
[screencast url=”http://screencast.com/t/qA2BWuDN4o” width=”” height=””]
[screencast url=”http://screencast.com/t/PZdexaHAxOa” width=”” height=””] some gappers from the good folks at trade-ideas.com
I got my eye on ROYL, ALXA, YMI, CX for trades. (not at the open i buy but wait for intraday setup)