Fed tomorrow it’s going to be quiet blah blah.

I think we need to ask ourselves what if the Fed weren’t tomorrow. What stuck out to me today was the number of 20 day MA’s that are ready to cross over the 50 day MA’s on the downside.

GE, PRU, URE, IYT, SMH, & IYR are all ready to cross over tomorrow on any weakness, and if it weren’t for the BNI deal IYT would have crossed over today.

IWM & XLF are not as close as the others but they are ready to cross over as well. I feel that if we have any more weakness this will be more than the pull back everyone has been waiting for.

The DIA still have not convincingly broken its 50 day MA, but I wonder what will happen if it does.

From a macro perspective you really have to ask yourself what the move in gold was about today. You can say inflation considering the move down in the bond market, but the dollar and crude were up on the day so I am not sure what to make of the whole thing. If you were suspicious you could suspect political turmoil but who knows.

The 50 day MA continues to act as a lid on the SPY, QQQQ & UUP keep those on your radar screen something’s gotta give.

The canary in the coal mine for the market may be AAPL. If you remember last week the strong selloff in the market was foreshadowed by GS breaking its 50 day MA back on 10/28. Keep AAPL 183.97 on your radar screen it may tell the tale of the market.