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  • Bernanke Bounce Could Be In Play 1 comment
    Aug 26, 2011 11:01 AM | about stocks: SPY, JWN, RVBD, AMZN
    This morning, the Bernank told the market exactly what they had already expected, no QE-3 right now. He did hint that it is possible in September, however, he is keeping the market guessing. The Federal Reserve has lost a lot of credibility over the past five years and another quantitative easing might have put the nail in the coffin for the central bank.

    The markets immediately flushed lower after the speech, since then it has bounced higher off the morning lows. At this time, it is critical for the SPDR S&P 500 Trust to trade and close above the $116.00 level on the hourly chart. Should that occur the SPY will have a potential intra-day upside target to the $116.95 area. Traders must stay tuned as this is going to get very interesting.

    Should the market rally higher today traders should watch for strength in Nordstrom Inc(NYSE:JWN), Inc.(NASDAQ:AMZN), and Riverbed Technology Inc.(NASDAQ:RVBD). Some of these stocks may have already taken off to the upside at the time of the writing, therefore, always use good technical analysis before trading anything that is extended.

    Nicholas Santiago

    Stocks: SPY, JWN, RVBD, AMZN
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  • Michael Clark
    , contributor
    Comments (9917) | Send Message
    I see this Friday's action as the orgiastic spurt on a weak snap-back rally that will see lower stock prices over the next couple of weeks. Gold has sold off and is now ready to move up. TBonds also.

    27 Aug 2011, 07:17 AM Reply Like
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