We are back to the top of the channel. Will we fall back a few hundred points or just continue inching our way upward? Health care, home builders and oil service stocks looking strong. A number of possible short-term stock trades are discussed in this video.
Here's another view on the market along with the nose bleed stocks.
Frankly, I'm playing it safe ( meaning holding more defensive or way oversold positions ). The market advanced into the meeting knowing what was going to be said. Now the question is will oil continue to climb back to the high $70's knowing that the fed has no plans to raise interest rates? If oil holds strong there are many oil service plays that have fallen back on oils fall from $79 to $69 to consider. I jumped into WFT, HLX and SUN today but hedged buy selling X, CHK and RIG. Sold my AMED medical stock yesterday as it hit the top of my target but I'll be looking to buy it back. Both AMED and AFAM are in the same markets and are forecasting very strong outlooks. Still holding dividend producer LLY. Sold my three day trade on China stock GIGM for $4.30 a fast 22% gain on the announcement and pop today. I'll consider buying back at $4. I'll be looking to get back into CHK and RIG on any market pull back ( assuming oil holds strong) or strong oil market.
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