Submitted by Mark Hanna
Courtesy of MarketMontage. View original post here.
Things certainly are a lot more choppy this past month. Yesterday most of the major indexes showed an escape out of descending channels they had been in for a month. Further the S&P 500 had cleared last week’s highs, creating a new higher high – the first in a while. Of course today was a complete wildcard – stocks could be up 2% or down 2% or anything in between based on the words of one man. The market has thrown a hissy fit anew in the last 45 minutes and the breakout from this channel is threatened. The MACD was also about to crossover in bullish manner if we had held with small losses or flat today but that also now looks threatened. Will be an interesting next few days.
In retrospect it would seem these quarterly FOMC press conferences would be better served at 4 PM rather than during the market day – it is like doing an earnings release mid day and does not give people time to absorb any comments. Not that it will change, but it will make more sense.
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Any securities mentioned on this page are not held by the author in his personal portfolio. Securities mentioned may or may not be held by the author in the mutual fund he manages, the Paladin Long Short Fund (PALFX). For a list of the aforementioned fund’s holdings at the end of the prior quarter, visit the Paladin Funds website at http://www.paladinfunds.com/holdings/blog
