September 23, 2009 Stock Market Recap

I apologize for the lack of updates over the last week. I just couldn't bring myself to say the same thing day after day as the market just kept drifting higher. I also wanted to let the Fed decision pass, so that the "wait on the Fed" game could come to an end. So now that the Fed decision/statement is out of the way things are looking a little more interesting. The post-Fed selloff today could be the beginning of a long-awaited pullback but it's too early to know for sure. There's still PLENTY of support out there and the indices are still in uptrends on just about any significant time frame. As has been the case all summer, the bears need to create some follow-through and start to make some lower lows to make me think this is anything more than a normal retracement in an uptrend.

Oil's getting interesting here. If it can break the September lows there's not much support above the July lows around $60.

It's not hard to find many charts that look like Google (GOOG) right now. This one really stood out to me because of that shooting star which printed right at the round umber of $500. With overbought stochastic to boot, I'd be all over this as a swing short if I was still swing trading.

One slight downgrade today.