A volatile session as early morning losses were erased after the European close only to be spoiled by the FOMC statement. All eyes were on the Fed with the statement release at 2pm EST would set the tone for the day. Volume was above average on the session and given the price action on the day it leads us to continue to have a cautious tone with this market. We have not seen the necessary signals to confirm a new rally. This market is having a tough time finding buyers to support this market. The FOMC’s statement wasn’t, evidently dovish enough for the market. We still remain in a tough market and until conditions improve cash will remain king.
After hours FB destroyed its most recent quarterly earnings report. The stock was up more than 12% in after-hours trade as revenues grew more than 53% quarter over quarter. Unreal results as the social networking site continues to dominate. Over 100 million hours of video is watched daily on the site. Amazing statistics for a company who hasn’t been around as long as MSFT. FB will be up too much for us to get a long signal. We will need the stock to base for a few weeks as well as trade with tight closes.
Earnings season continues to be a mixed bag. PYPL is popping while EBAY is dropping. Without cushion in these names it is very difficult to hold through earnings. We will need to stay patient with this market and await a time where odds are in our favor. Now is not the time to be a hero in this market. Stay patient and do not put your capital at risk with very minimal reward.
We continue to have plenty of intraday trades. Remember, use our coupon code CRASH and get 30% off our subscription prices! Go here to get this deal! The deal ends on Friday so hurry up. As far as this market we continue to be cautious and wait for our opportunity to strike!
