The markets closed at their lows of the day with only oil finishing in the green. Breadth was close to 3 to 1 negative and critical technical levels were breached such as the S&P 500's 1240. Despite the poor action we continue to believe that today was relatively meaningless ahead of Thursdays FOMC meeting. Furthermore, the fact that we are heading into this interest rate decision near the lows of the recent trading range, increases our chances for a bounce rather than coming in at the highs which would surely spark a sell the news drop.
We did very little of significance today and any buying was done with a very short time frame in mind and limited capital. We are remaining patient ahead of Thursdays meeting and will be looking at picking our spots very carefully over the next several days.
Unfortunately, we'll have to
go through another day and a half of this choppy and sporadic action until
we see some clarity later this week. Hang in there, a better trading
environment is coming soon.
Have a good evening.
RevShark