Morning Note

{+++} For the day the SPX/DOW were -0.15%, and the NDX/NAZ were -0.40%. Bonds lost 10 ticks, Crude added 25 cents, Gold ended flat, and the USD was lower.

Momentum losers yesterday included: DDD, Z, YELP, SCTY, ONVO, SSYS, NFLX, VIPS and DWRE.

Some winners across the board were: EVOK,  TSLA, DVN, IPCI and SGOC.

Many stocks look a little toppy and some are breaking minor short term support which is natural considering the market’s move.

The market topped out at around 10:30 yesterday, then had a slow gradual move lower. Similar to yesterday, in that gains gave way as the day progressed.

The FOMC meets today and I expect no change in current direction.

Let’s see if the bulls can step up today. See you in the trading room.


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