Today's market pretty much played out like we suspected in yesterday's post. We got the FED rate cut, they signaled that they are going to stop; the market jump and then started selling off. I believe the sell off was not because of any disappointment in the FED move, but rather just the normal cycle of working off the over bought position of the market.
Now our fast momentum has plunged and is reaching for oversold status. But our moderate momentum is still at a high state, particularly if you just look at the major indexes. This worries me because its over due to drop and get recharged. So I think we have little more bleed off to happen and then a nice move to the long side. Exactly when that happens, I can't say, but it should play out over the next few days.
When you check out our Top 25 lists, you will see that there are some sectors and stocks that we think that getting ready to move now so check that out.
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