Excellent Follow-Through In Today’s Stock Indices

Welcome back gang. Well at least we went ahead and got some conclusion to the FOMC at the quantitative easing event today. Let’s focus two phrases I will be using tonight, decision time and follow through. We have a couple of different markets that its decision time directionally speaking and some others with follow through. Let’s start with follow through, we went ahead and talked about this concept of the trend even we popped back up here instead we’re still in that down-trending channel. Again we popped up over here and it was the same concept, and we see today post-FOMC from a follow through perspective so I’d like to see tomorrow a break down below 1.26 and a 1.2580 to get more excited about that. If we still keep pushing back up I’ll still have no interest in this. I’m only interested in short-side trades back down, and follow through trades to the down side as we’ve been talking about here in these nightly videos.

Gold after a few days of consolidation here did push down through some key levels that I’ve been looking for on a daily basis. We got down below, so going into tomorrow I’d like to see some follow through going down here below the 1210 area and look to see continuations to the downside. If we start a slow bleed retracement back to the upside, but what I want to see is follow through. But we also have things such as stock-index-futures on the decision time front. What we have today is doge stars on most of these charts and these are periods of indecision on these charts. So what we need is to see a directional bias come out of this, breaking back down below the speed lines, looking for some fresh shorts, or breaking above some of these congestion patterns in the backdrop here looking for fresh longs. So right now you can see most of these stopped at or near key areas of resistance today on the stock index futures.

Meanwhile back with the bonds, we’ve got this kill zone, it’s now decision time. We’ve had this kill zone, these falling speed lines and rising support. I warned you about that all the way back through here and have seen it time and time again. Even temporarily we’ve broken out of that range only to close right back into it today. So while we did have some decent volatility post-FOMC today, when all was said and done we kind of closed out and some went neutral. So now we want to see some decision time and some follow through on some of these key markets that I was looking at. That’s going to be very key going into tomorrow, Friday in particular.

I wanted to let you know with Apple of course, as you know we were looking for longs above the 104 level and we followed that through with you even in the free nightly video. We’re now about over 10730 the one thing I would consider from my trading perspective, moving a stop up to around the 105.50 level at least keeping 50% of that profit in check. That also puts it back behind the speed lines and with a little luck we’ll continue to see some aggressive moves above the speed lines, above the 110 area. Right now with 3% gain here already on this we don’t want to watch that turn all the way around and come back down here. We’re certainly kind of overcooked here in the short term. So we just want to make sure we don’t get in a situation where this reverts back to the mean, because for the last few months we have been somewhat sideways there. It did break out and it did give an opportunity for a profit here, just want to make sure it doesn’t dissipate here. I just want to make that note with you. If it does stop out there will still be moves for re-entry here, especially with Apple.

You guys have a fantastic night. We have all this excitement going on in the Live Trading Room tonight or the nightly videos tomorrow. Take care everyone.

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It’s Now Decision-time And Time For Follow-Through For These Markets

Ok gang welcome back well at least we went ahead and got some conclusion to the FOMC quantitative event today...

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