Tag: russell 2000Sort
We had the first big event of this week today when the Fed's Open Market Committee (FOMC) wrapped up their two day meeting with an announcement that while they were prepared to intervene should the economy continue to weaken they were on hold for now.
Although most pundits had predicted that the outcome of this meeting would turn out as it did the market didn't like it and equities ended lower on the day while the Dollar surged:
It's been two weeks since I posted a full commentary and for all the volatility during that time stocks have managed to stay in a trading range. Everyone was getting excited about Friday's rally and questioning whether it was a turning point for stocks. And while I anticipated Friday's rally any follow thru early next week will largely depend on whether the rumors of a massive Chinese liquidity intervention being announced this weekend are true and whether Mr. Bernanke makes some dovish remarks when he testifies before congress on Tuesday.
Trading Futures for a Living: Trading Account Management
Weekly Elliott Wave Analysis: DIA, Russell 2000, SLV, VIX "buy" signal, GOOG
This shows the 45 minute chart of the ETF for the DJIA: DIA. The DIA is in the process of tracing out 5 waves down from the top. Grasp The Market 45 Minute Chart of the ETF for the DJIA Selling is intense, so it is likely that the DIA is still in wave 3 down. Note the Stochastic, RSI, and MACD indictors. They are all still at or near their lows as of Friday afternoon.