SPX rallied enough intraday to briefly cross the upper red trend line. However, it failed to close there. Was that a kiss the trend line good bye? Today had the feel of a pump and dump. The futures ramped up over night, but there was no upside follow through until after the FED announcement. They ramped price up twice in the afternoon, but each time the market sold off. If the market rolls back over then today was just a retest of the 3/14 high. That would likely open the door for a bigger pullback. Here is the 195 minute SSO chart.
SSO gapped back up into the price channel and closed there. I will be watching that lower channel trend line tomorrow and will be looking to short if it drops back below it again. My little voice is telling me that is likely to happen. I guess we will see.
In case you missed it this what happened to FDX today after earnings.
Apparently they had over capacity. Is there at least some small chance that the fact we are likely in a global recession might have something to do with that? ORCL missed earnings after the close and is down over 7% as I write this. Be aware that holding global company stocks through earnings is likely to have considerable risk. While the U.S. economy is experiencing positive affects from the rebuild after Sandy, the world is not doing near as well as stock markets suggest. Be careful.
Chart practice has been updated with DE the stock today.
http://traderbob58-chart-practice.blogspot.com/
Bob
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