Scalper1 News
Major averages reversed course yesterday on higher, above average volume with many leading stocks including a number of tech and bio-tech names also doing about-faces. The bio-tech sector was hit particularly hard as a broad swath of these stocks came unglued. Such activity can be particularly negative and mark a short-term top. Since the markets have had issues when it comes to developing into any sort of longer uptrend since December, it would not be surprising to see a short-term pullback once again. MDM may go to sell signal to see how the pullback develops. Stay tuned. That said, the Federal Reserve concludes its two-day meeting on Wednesday. They have taken a fully dovish stance in prior statements. Given the lagging global economy, their position has been to keep rates historically low until there is sufficient evidence of an economy that is turning the corner. This has yet to happen, and is probably a longer way off than analysts think. Scalper1 News
Scalper1 News