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The Fed came out today and did nothing about interest rates, leaving them unchanged. What was different about today’s policy announcement was their reiteration that they remain on track to begin paring back their $4.5 trillion balance sheet in October. The market thought about this for a little while, and then began to sell off hard, with the big-stock NASDAQ names leading the way down. But... [more]

The indexes keep stepping higher as they march to the tune of the QE band currently comprised of the Fed, the European Central Bank, the Bank of Japan, and others. At times the tune gets a little funky as it did on Thursday when the big-stock NASDAQ 100 Index names took a heavy dose of selling, but on lighter volume. It looks very much like the NASDAQ Composite Index,... [more]

“Learn as much as you can. Read and listen to experts, but keep a degree of healthy skepticism about everything.” — Dr. Alexander Elder   We had been on the lookout for a selling climax, a day in which market participants capitulate by throwing in the towel en masse. Preferably, such a session will begin with a panic-driven... [more]

  “I neither have nor adhere to an inflexible system. I modify my terms and conditions according to circumstances.” — Jesse Livermore   Prior to last week, we had been talking about being on the lookout for a positive test of a prior low by the Nasdaq as being the first step in the index putting in a durable bottom... [more]

“Character is higher than intellect.” –Ralph Waldo Emerson Despite Thursday’s morning reversal and Friday’s follow-through higher, shares remain in a 5% reaction without any accumulation days in four weeks. Leading stocks corroborate the behavior of the averages. Few growth titles set up. For intermediate-term speculators, or those seeking to hold... [more]

“Many of life’s failures are people who did not realize how close they were to success when they gave up.” –Thomas A. Edison From a standpoint of market health, we believe the most important names to watch are TSLA, FB, BIDU, TWTR, LNKD. These names are widely held by institutions, and not just any institutions, but institutions... [more]

“The best indicator I know is trend. The other good ones are trend and trend.” — Ed Seykota Shares give a good account of themselves. We are not concerned about the lax volume accompanying this three-week advance due to it occurring in August, the month that is most popular for vacations. ... [more]