It was typical Fed day choppy and aggravating before the announcement with some fireworks after. The SPY chopped round the 109 level all day and after the announcement actually tested a level going all the way back to Thanksgiving 108.29. The AAPL $499 price tag for the tablet came out right around the same time as the Fed announcement and helped keep the Nasdaq from breaking and probably helped the whole market from taking another leg down.


There is still plenty of news to affect the market this week including The State of The Union, durable goods, jobless claims and GDP as well as plenty of earnings so do don’t press until the dust clears.

I continue to be very selective and look to play stocks off of important moving averages. Buying at the first touch for a quick bounce and shorting them if they fail. I know it is a bit of a broken record but the charts are pretty messy right now.

There are a few levels that I consider to be important and will be watching.

QQQQ 44

XLF 13.99

SPY 108.29

When the SPY broke down after the announcement today the XLF and QQQQ did not confirm the move down and that was a signal that we probably were going to rally.

Keep an eye on these levels for confirmation.