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While wonks debate the meaning and implications of a possible announcement of “Operation Twist’ by The Fed today, the market is in the red, with the Nasdaq hugging the flatline. I am holding a few select longs, but not too interested in making any bold moves before what is likely to be a volatile post-announcement reaction later today. The first move after the 2:15 pm EST announcement is usually some type of trap, so intraday scalpers should be aware of that.
The transportations and materials stocks are weak again, giving strength to the bear case. That said, many technology names remain firm. We have too many competing forces here to really have conviction that the market is going to break one way or the other, as illustrated by the seven week rising channel on the S&P 500 daily chart. So, the best bet is to play along with what is working under a watchful eye, looking to win a few pawns here and there as opposed to playing for a checkmate just yet.
why are we not down 300 pts ?? with all the downgrade?? Big ben coming with a bomb!!! $load up on $tna