The market looks vulnerable for a sharp correction. Over the past two days we have seen stocks struggle for traction as they have begun slipping lower. The key area to watch right now is the QQQQ. If this ETF trades below $43.50 it may mean that sellers have gotten the breakdown that can trigger continued sliding.
Nevertheless, the market has yet to digest the Fed meeting minutes released yesterday afternoon. The initial reaction generally is meaningless so today we will see what the market really thinks about yesterday's minutes.
We will be providing another update after the market opens when we can get a handle on what type of sentiment we will see following yesterday's important market moving event. We plan to provide updates on open near term selections between 10:30a.m. and 11:00a.m. today.
No comments:
Post a Comment