THE BEN BERNANKE KICKS OFF A PERIOD OF CHOP

Posted By admin on Sep 20, 2011 | 0 comments

Charts are below with further details. We're in for some short-term (3-5 days) choppiness, with a slant to the downside, based on a number of things I observed today:

1. Copper fell off a cliff

2. Emerging market index looks ready to follow copper down

3. Nasdaq looks tired

4. Nasdaq has had a nice run, yet the S&P and Dow are still trapped in their respective range bound dungeons. If the Nasdaq is indeed tired and wants to take a breather, where does that leave the S&P and Dow?

5. Companies like AAPL, AMZN and SBUX all look ready to catch their breath. Goes back to the Nasdaq looking tired.

I don't play 3-5 micro-trends in the market, however, I will be looking to buy into the weakness next week. Not sure where I will choose to allocate as of yet.

And finally, the Ben Bernanke gets to show his love or lack thereof for investors and the economy in general tomorrow.

click chart to enlarge