A good day for stock market bulls as yesterday’s high is cleared on expanding volume. Today was a clear sign bulls still want to dance and accumulate shares of stock. It may be somewhat surprising ahead of the Federal Reserve tomorrow, but we are not going to argue over price action one bit. Many continue to try and call a market top and who knows we could have topped. However, given what we know right now without trying to guess the direction of the market is this bull is not done just yet. Turnaround Tuesday is back!
Tomorrow will likely be a roller coaster ride with Yellen’s first meeting as Fed chairwoman. At the end of the day it really doesn’t matter to us if the taper is still on or the committee tapers the taper. We care about price and right now we are seeing solid signs this market does not want to give up just yet. Sure, at some point we’ll find the market printing lower lows and lower highs consistently. For now, enjoy the ride and stop thinking about where the market will head next. It is all rubbish.
We’ll be back with more after tomorrow’s Federal Reserve day. However, make sure you follow your trading plan and avoid trying to make educated guesses how the Federal Reserve will act. Stick with it and execute with precision.
Until tomorrow, good night!
