Market Review 7/31 Markets End Down on the Day Ahead of FOMC

Initiating new positions would not be a wise thing to do tomorrow with the FOMC statement coming out tomorrow anything could happen.  The market has reacted to some policy statements with indifferenc, but with QE3 on the mind of the Fed and the markets its 50/50 how things will play out.

I think we move lower because that is where the momentum is directing the market. The SPY is trading between the channels and its seem in all likelihood by the end of the Wednesday or Thursday the SPY could be testing the bottom part of the channel around $135.

So for the next few days its probably best not to initiate new positions because of how the fickle the market seems to be with the Fed lately.



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Disclaimer: This article is intended to be informative and does not constitute a buy, hold, or sell recommendation., and should not be construed as personalized advice as it does not take into account your specific situation or objectives