Last week MSFT the bulls produced a turn back up, bringing about the possibility that the short-term correction might be coming to an end. Each of the major averages poked above their pullback trend lines, setting the stage for another leg up to begin. This is of course looking at the indexes from purely a technical standpoint, so the bulls now have something positive going for them and will have a chance to build on it this week.
Speaking of this week….Halloween is sure to provide some excitement, and not just for candy-lovers like me. 😉 The real fun will be Wednesday afternoon when the FOMC announces its decision on interest rates and its policy statement, which the market will undoubtedly respond to. Big Ben certainly has the ability to shake things up, so although the technical picture is improving, come Wednesday afternoon all bets are off because it will really boil down to how the market likes what it gets from the Fed. Either way, the volatility isn’t likely to go away quickly, which means ongoing opportunity for nimble traders.
Regardless of your directional bias, be sure to check out this week’s Market View [1] page over at TheStockBandit.com before you start your trading week for a closer look at the indexes and some chart comments which were posted this evening (and every Sunday).
Trade well out there this week!
Jeff White
President, The Stock Bandit, Inc.
Swing Trading & Day Trading Service
www.TheStockBandit.com [2]
[tags]Stock Market, Day Trading, Stock Trading, Investing, Swing Trading[/tags]