Market Monitor

• Fed said the same things, it has said for many months. But the drama around the announcement continues. Fed has stopped raising interest rates since many months. Historically that has been bullish.
  
• It was mixed day for market with momentum on long side continuing. 103/39 bullish to bearish breakout ratio demonstrates that.
  
• The second day of Fed announcement is when real trend manifests itself. Currently the market is still stuck in two months range and there is no clear directional bias. Short term tactical plays with tight stops is the play in such market conditions.
  
• Earnings have started trickling in and PENX yesterday demonstrated the effect of Earnings on stocks price. There will be several PENX kind opportunities for speculators in coming month and half. Those who know how to speculate can find good opportunities in most market circumstances.
  
• There are also opportunities on short side with many stocks breaking down. Looking at list of 4% breakdown in IBD EPS 70 plus list can give you idea of leaders breaking down.
  
• Next week is holiday weekend, so moves will be exaggerated.