Focus On Retailers
With the exception of the afternoon session,
yesterday saw more of the “orderly liquidation” all too common over
the last several sessions. The afternoon, of course, was where your day was made
or broke. For me, I didn’t put a whole lot on the board in the morning session,
but was able to sell just about every rally on the one-minute charts in the
afternoon to end the day better. Granted, the action is still not rip roaring,
but certainly better than what we have been seeing recently.
At 6:00 AM PST the market will get some figures on Consumer
Spending. This will be key because if the consumer is showing any
signs of pulling back, it could put further pressure on the market. Later we
have the results from the FOMC meeting.
There is little doubt in my mind that there will be no move up in rates, so I
don’t expect any extremely volatile price action after the announcement, unless
their comments going forward are incredibly upbeat or more pessimistic.
In terms of sectors to be playing, I have been focusing on the retailers
lately since I believe that that could be the next shoe to drop. Volatility
intraday in stocks like Wal-Mart
(
WMT |
Quote |
Chart |
News |
PowerRating), Best
Buy
(
BBY |
Quote |
Chart |
News |
PowerRating) and Home Depot
(
HD |
Quote |
Chart |
News |
PowerRating) has been pretty good, and I suspect that will continue going forward.
Key Technical
Numbers (futures):
S&Ps |
Nasdaq |
| 1076 | 1227 |
| 1058-60 (confluence) | 1194 |
| 1042-46 | 1177-78 |
| 1037 (critical support) | 1157 |
| 1029-32 | 1149 |
| 1016 | 1132 |
Over the next few days, I will be providing some KTNs for stocks that I feel
have some good trading potential intraday. Your feedback on this is welcome.
As always, feel free to send me your comments and
questions. See you in TradersWire.