Off the Charts

Today's Fed minutes provided little-to-no intel on when the vaunted QE tapering will begin, but it didn't prevent the algos from having some fun with the intraday action. Following the release of the minutes from the July FOMC meeting, the market initially traded lower before rallying sharply to erase gains for the day and go positive. However, bonds gradually drifted higher in the afternoon and smacked the S&P back down into negative territory where it finished on the lows of the day. The Dow racked up its fifth straight day of losses, finishing down 0.70%, while the S&P closed down 0.58% and the Nasdaq down 0.38%.

Today's roller-coaster action after the Fed minutes was typical of "Fed days," which is why we talked about the prudence of keeping risk down. Sometimes it's best to just sit on the sidelines and wait for more calculated opportunities to present themselves in the sessions following this type of release. The S&P has continued to sell-off since its move below the 1671 level that resulted in a break of the 50-day moving average. This market is not looking very healthy at these current levels, but it is tough to short as we remain somewhat oversold in the short-term....424 more words left in this article. To read them, just click below and try Real Money FREE for 14 days.

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