Despite the bullish price action Friday and today in the NAS 100 I am still hesitant to enter any new swing until after the FOMC minutes are released tomorrow at 2pm est. Tech has had a substantial push higher with the surprising drop in interest rates. For now the reflation trade appears to be off. Price has now come into the 1.618 fib measured off the inversion of the most recent pull back and is due for the rest I expected last week. For that reason I will remain patient adding new positions.
Comment:
Very little reaction to the FOMC minutes today so we may see sideways to down price actions until earning start again. No need to rush into anything right now as the summer price action can chop you up. My main names of interest are AAPL and AMZN right now. One has broken out nicely the other looks poised to breakout.
