Tuesday, April 29, 2008

FOMC DAY = JUDGEMENT DAY!

FOMC day Wednesday (not Tues as is the norm). It's judgement day.I think the Fed does nothing and talks a lot about inflation. Ithink they key on the dollar and making that stronger. I think the market might initially sell off, but then bounce and then iffy. I think you should fade the FOMC, its one of my favorite trends and it is a stellar performer. Market is choppy heading into it. I think regardless of what we do here we're due for a pretty big pause. I would watch tech, though, thats the one place getting a lot of fund money now. GOOG, BIDU, RIMM, AAPL all look higher here. GOOG might want to test $600 near term. I think commodities are gonna get a big time pullback. Oil,I think, falls to $100 area soon. we shall see, not much to report tonight other than we kicked butt again! Options Trader serice is ROCKING! We had FSLR near the LOD and got about $4 on the calls! Sick returnssss!
RULE!

Waxie

2 comments:

J said...

Waxie,

What did you think of the action towards the end of the day? You think we are still in wait and see mode or are we going down.

Waxie said...

j,

wait and see. Trend is that whatever we do into weeks end here we reverse next week. We'll see. I still think we could see 1450 - 1460 on S & P, and top the High of the Year before heading back down, which I do think is inevitable. We shall see!

Still some opps on the upside here. Financials still weak as hell. I think the brokers setting up for a nice reshort. GS at $205 area should be a nice short.