Stocks...
Nasd 100...4387-93 is the 200 DMA depending upon which continuation chart you wish to use. December Futures trade @ about a 10 point discount to September or cash.
BUD…119.70 is the 200 DMA. I just sold my longs in pre market @ 117.40 (50 DMA). That’s a 10% pop since I wrote about it yesterday. Take the money!
NFLX…put in an ORH day. 101.50 is resistance. This would take price action and a close over this level for higher.
NKE...breaks down under 106.00 close.
UA...breaks down under 90.00 close. A close over 99.20 Friday is needed to extend higher.
VIX…20.50 is where you want to look at buying portfolio insurance again.
UVXY…41.06 is the 50 DMA.
Bonds …
Bunds… will remain weak under 153.33.
FX…
Euro...(cash) is caught between 112.30 and 112.90. Futures trade @ an app. 18 tick premium.
Commodities…
OIL…would take a close under 43.00 to weaken. The top of the range is 47.00
Trade the range.
General Comments or Valuable Insight
Yra wrote a great piece last night on the impending FOMC decision.http://yragharris.com/2015/09/15/todo/
Most analysts are in the camp that we’re putting in a bear flag in the indices for another push lower. The question is how high can a rally go before everybody pukes their longs again.
My focus heads to the Nasdaq for guidance since this is where the names that seem to be doing their own thing are listed. (Healthcare & Biotech).
The chart pattern in Nasdaq did not have the same topping pattern as the S&P 500 so investors will still look for the Nasdaq to outperform the Spu.
It’s the mid-week shuffle into a market moving event. Per comments yesterday A.M. you should be taking advantage of this rally to lock in and protect long portfolio exposure.
Futures and options expire tomorrow into Friday in Equity Indices and Bonds. Just something to add to the potential FOMC volatility.
I have an appointment at the White House that was rescheduled for tomorrow.I will be leaving @ noon today for D.C. There will be no research tomorrow.
If there is something you need, best get a hold of me this A.M.
