The Wrap 8/10/10

{+++}The market gapped down, then consolidated  in a sideways five hour coil until The Fed spoke. The market then rallied and at point even filled the opening gap.

I didn’t trade in the afternoon hours, but the volume was light again and yesterday’s action was the slowest volume day of the year.

It looks like FCX and BTU stopped, but I still like them both very much. The stops are guidelines so if you gave them some more room that’s fine. Some other names came close or went through the stop by a minimal amount, so they are still live. I may add BTU and FCX back soon, lets see how the metals and materials act tomorrow.

All of our names still have very bullish patterns  and if the market can lift this week , they should do well. The boredom of this market is mind numbing and something needs to break either way. My gut still says higher for now, even though , as you know, I am happiest in bear land. Tough to fight the Fed right now.

Here are two longs for the radar. I will see you in the morning.

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