Wednesday, November 18, 2015

$SPY Pre Market Preview Of Action Today: Expect Sell The News

We wrote earlier that we expect today's Fed minutes news to be a 'sell the news' event.  As we wrote we think there is too much bullishness going into a questionable Fed announcement which coincides with higher rate talk, more jobless claims of late, and higher core CPI.

That said, early on there looks like there is big intraday support at $SPY 204.62 but we'll get a better read as the day unfolds.

Yesterday we pointed out that the market should hold and it did even though it broke the intraday lows.  It held our 'holding points.'  We call them holding points because usually most people chase these breaks but we've shown that our math holds the market holds these points more often then not by the close of each trading day, when it sets up.

Medium Term we still have a down call that started earlier in the month.

Today's trading should be done with caution.  Fed days are always fraught with volatility that can be risky.  We are on the sidelines today.

Chaim Siegel has been working with and for hedge funds and mutual funds as an analyst and PM his entire career. Chaim specializes in earnings and predicts, analyzes and reacts to earnings, earnings events as well as developing current company and macro stories with a hedge fund perspective. If you want his analysis real time scroll down for real time email alerts.


PRICES QUOTED IN $SPY OR THE ES EMINI DEC
#in, #s&p500, #stockmarket, #bestideas, nyse arca:spy
Disclosure: We may be trading S&P ES Dec in both directions at various times in the day
Disclosure: We may implement other price targets than we initially post on this site.
Disclosure: These trades can lose you money and principle especially when using leverage
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AND HOLD BESTIDEAS, ITS CONTRIBUTORS AND ELAZAR ADVISORS, LLC HARMLESS


TODAY IS A FED DAY AND WILD SWINGS ARE EXPECTED.
A PROFESSIONAL TRADER TRADES SMALLER AND MAY NOT TRADE AT ALL TODAY
LEADING UP TO 2:00 PM EDT AND FOR THE REST OF THE TRADING DAY THEREAFTER
(^GSPC, INDEXSP:.INX, ESZ15.CME)

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