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Today's Comments (Short Term Outlook)
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Fed follow-through faded Stocks gapped open to the upside yesterday as the post-Fed rally hype brought in some new buyers, but by the close the rally faded and the Dow and S&P 500 finished slightly down on the day.  The S&P 500 story remains the same, so I won't bore you with that. The only thing new to note is the intraday reversal which might be a short-term reversal day. If the S&P 500 moves lower today, than yesterday's low of 868, it could be a negative for next week's action.  Chart provided courtesy of www.decisionpoint.com, analysis by TSP Talk It's Friday and between the market and all of the backend processing I had to do for Scribbler's TSP & Economic Report subscriptions this week, I'm a little burned out. This week's TSP Talk Sentiment Survey results: 43% bullish. 45% bearish. 0.96 to 1 ratio. The systems remains on a sell signal for next week. I'll leave it at that. I'll remind you that I made an "irresponsible" prediction that the high this week will be the high for this rally. It's irresponsible because no one really knows what will happen, but that's what do do. We all like to try to put the pieces of the puzzle together, trying to figure out what comes next. If I'm right, I'll be positioned correctly. If I'm wrong, it's back to the drawing board. Thanks for reading, and have a great weekend! |