As you all know, every trader and investor in the world is waiting for the Ben Bernanke press conference this afternoon. Will Mr. Bernanke hint that a cut in quantitative easing is underway? The answer is who cares what he says. As traders we simply want to react to the price action. If the markets sell off then we want to find a level that looks attractive to buy stocks. On the flip side, if the market rallies then we want to find a level where there will be major resistance and sell it. Traders should not be bullish or bearish, you simply just want to be on the correct side of the tape. If you are wrong then you want to be wrong small, that is why you must have a stop loss. ..

This morning, the leading airline stocks are trading slightly higher at the start of trading session. The airline stocks have showed good relative strength since December 2012 when this sector broke out on the charts. At this time, the airline stocks look to be range bound. Should this industry group begin to consolidate further on the daily charts they could be building a base to trade higher. Traders that want to track the entire sector can follow the Guggenheim Airline ETF (NYSEARCA:FAA). Currently, the FAA is trading into a double top on the weekly charts, so without consolidation on the charts the airline stocks will likely be range bound in the near term. ...