Fed Day

Posted by downtowntrader | 12/11/2006 08:47:00 PM | 2 comments »

So tomorrow is another Fed day and I won't even attempt to guess at how the markets will react. Practically everyone expects no change and it may turn into a non event, but I have been seeing a lot of people hanging their hopes of the Santa Claus rally kicking off after tomorrow. The contrarian in me thinks fading that type of reaction would work out, but the markets are still punishing shorts. That may change soon, but it hasn't happened yet. Here are a few more charts I am adding to the watchlist.


Coinstar, Inc. (Public, NASDAQ:CSTR)
CSTR has a pretty nice looking chart here pulling back to converging support. The 50sma, Bollinger Band, and two trendlines should contain this pullback.


The Andersons, Inc. (Public, NASDAQ:ANDE)
ANDE should find support in this area near the previous pivot high and the lower bollinger band.


Research In Motion Limited (USA) (Public, NASDAQ:RIMM)
RIMM has had a heck of a run and is making its first pullback to the 50sma and lower band. While it probably won't reverse on a dime here there could still be a decent trade over the next few days.


Good Luck,

DT

2 comments

  1. Anonymous // 10:22 PM  

    I check everyday to see what interesting charts you put up. Keep up the excellent work.

  2. downtowntrader // 5:37 PM  

    Thanks Nusair. I appreciate the kind comments.

    DT