Traders Corner: No Resolution.....Yet!
Tuesday's 890 point up move is causing a lot of traders to wonder if the ever elusive bottom is finally at hand! My answer to them is a resounding maybe. There are a lot of different things that have to happen before some sort of short term bottom can be officially declared in the indices.
First, it would be nice to see some sort of follow through on Wednesday. This could be complicated due to the fact that the Fed is meeting and will give their decision on interest rates on Wednesday afternoon. I suspect that traders will be cautious until the decision is announced. Looking at the bullish argument we see that the Japanese Yen has finally taken a breather from its breathtaking rally. This should provide some relief for the markets (especially commodity stocks). However, we are essentially still in a box play in the stock indexes and smart traders should be patient and wait for Mr. Market to tip his hand before deploying any capital.
Have a great week and trade safe!
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