jump to navigation

A “Blah” Market Awaits the FED (?) September 16, 2016

Posted by Tom in Thoughts.
Tags: , ,
trackback

Sept. 16, 2016 – This was a fairly “blah” week.  OK it did recover from its recent low & support level of 5108, but it struggled to approach its previous high.  I don’t see much enthusiasm for buying and most don’t feel compelled to sell either.  Are investors waiting for next week and the FED to announce no interest rate increase or is it just dull?  I’m thinking mostly dull.

nasdaq

Volume was OK / average but nothing special to indicate significant buying going on.  Fridays volume spike was caused by options and futures expiring and the day was tight with little movement.  The biggest thing was Apple and the hopes for record sales of the iPhone 7.  That helped select semiconductors stocks climb back up.

What is showing near term strength are: Biotech/Pharma, Media (especially internet based), Software and Semiconductors.  Now most of these movers are select ones, moving on stories & hopes, so it is not very broad.  The bottom-line line is we’re just going to have to wait until next week and after the ‘FED concerns’ to get a true read out of this market.  Right now my trend indicators are mixed with a slight favor toward the upside, but not much.  Market Sentiment continues weak as well.  A “blah” market for the time being.

Have a good week.          ……….  Tom  ………

chart by MetaStock, used with permission

Comments»

No comments yet — be the first.

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

%d bloggers like this: