The problem with the Fed is that it says one thing, then all the little Indian chiefs (various fed governors) get to opine. Ben said no taper, then an FOMC governor with a microphone comes out and says, “but maybe we’ll take a crack at it next month”. Its a collective blurting of sound bytes and it moves markets. Get used to it, they are completely clueless and couldn’t be less on the same page. So cool that a dozen academics get to control the fate of world markets. Booyah.
The clowns in Congress get to muck it up next week, so be prepared for “breaking freaking news” every five freaking minutes. All your favorite ex lawyers and poly sci majors get to dictate policy and tell you whats good for you.
Here’s what I’m looking at next week.
$MELI– You can buy 133 level with volume,nice base, nice pattern
$VRX- Tried to breakout Friday but failed. Great bullish channel on this one. Over 107 get you 110-111 then higher.
$THRX – A big breakout may be setting up on this one . Buy through Fridays high or the 43 level.
Have a good weekend and come by for a free trial here.