Spectating the Speculators

In front of the Fed later today, I remain in a full cash position not inclined to trade this grinding action. It is very easy to get chopped up in this type of tape, until we see resolution from the many underlying divergences and spreads. The recent wild price swings of late simply indicate how much indecision there truly is in the market.

If we do see weakness after the Fed later today, Visa is on my radar as a short setup down away from its 200-day moving average.

I have maintained that Zillow is as impressive as any growth stock in the market, and that continues to be the case today.

What are you trading this morning?

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