The QE3 Countdown Continues
The early action was a bit nervous and breadth is still slightly negative, but the market has inched into the green as expectations for the Fed announcement builds. Gold is showing a little relative strength, which is a sign that the market expects QE3 today. Banks and homebuilders are a little soft, but mostly it is very mixed action.
Stock-picking on Fed day is always a bit frustrating, as it can be all for naught the moment the news hits and everything is jerked around. Nonetheless, I'm looking at a few technical setups that I like. For example, ChipMOS Technologies (IMOS) has fantastic numbers and is supposed to grow earnings 123% to $2.34 in 2013. The stock has formed a little cup over the past month and is testing resistance. Volume is very light and the tech sector has been pressured by Intel (INTC), but with the solid numbers. The good chart has my interest....110 more words left in this article. To read them, just click below and try Real Money FREE for 14 days.
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