If You Decide To Play Any Breakout, Try This…

  • July 1, 2004
  • Kevin Haggerty

The market action was slow before the FOMC,
as
expected, but it was worth the wait for day traders to hang around, as the spike
up
on the last day of the June report card started on the SPX
(
$SPX.X |
Quote |
Chart |
News |
PowerRating)
2:15
p.m. ET bar. NYSE volume was 1.46 billion and volume ratio 72 as prices were
pushed higher into the close (what a surprise). The breadth was +1557. The
rate
increase was as expected, along with a soft tone by the Fed.

The
(
TLT |
Quote |
Chart |
News |
PowerRating)s gained +1.0% as there was also
probably some short covering, as 83.65 was the high close for the past 40
days.
The
(
OIH |
Quote |
Chart |
News |
PowerRating) ended +1.7%, closing at 72.23, just below the down trendline
from
the 75.28 March high. The
(
SMH |
Quote |
Chart |
News |
PowerRating) finished the day at +0.8%, while the
brokers
were flat again. Net net, it was an artificial market action day, but
traders
will take it any way they can get it.

 25.5pt’>Friday

6/25

 25.5pt’>Tuesday
6/29

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