Wednesday, June 24, 2009

S & P and FOMC

I don't see any change in the S&P chart to warrant any updates from my original comments on 6/22/09. There are now many mentions of the 880 (not the Interstate) on Twitter and Stocktwits which I've outlined as being strong support area on my chart on the 22nd. My number is 879 but in fact it can fluctuate anywhere from low to high in that 11day support period and I think we won't be out of the woods until we retrace and hold 930 upside. The 879 is a critical support, but emotions must be controlled if panic is to be abated. Put stops in if holding any longs and adhere to them.

The FOMC will add volatility and at this critical juncture it won't help as people await their decision. It is best to watch, flat, before and after while the reaction washes out. I also tune out all analysis and just watch the market as the charts tell the true story because in this game the winner takes it all.

Happy Trading, Dancing and Living