FOMC tomorrow

Posted by downtowntrader | 5/09/2006 11:42:00 PM | 1 comments »

Not much I can say as the markets will probably be hanging on every word out of Bernake's mouth tomorrow. I won't be trading as the morning session will probably be very narrow and the afternoon quite choppy. I ran out of time tonight to post charts due to several reasons. However, there is not much I would be recommending anyways, until after tomorrow. One thing I did notice as I was looking over some charts is that there are a lot of bowls, saucers, and cup with handles on the oil/gas services stocks. Here are some of the better looking ones:
grp
hal
kmg
ard
ois
helx

Also, some of the infrastructure / mining plays are looking good. Cramer keeps pumping these guys and I do think mutual funds are liking these sectors. Some decent ones are:
CCJ
CAT
FWLT

I think it can only be viewed as bullish that most of the indices are at highs despite divergences or weak internals. However, keep in mind that we could have a nasty reversal if Bernake throws us a curve ball.
Good Luck,

DT

1 comments

  1. Anonymous // 12:41 AM  

    Greetings,

    Could you have a look at the 2 yr chart for SMSI, your comments would be most welcome. Thank you.

    Scott K