The Local's Take: Mid-Day Commentary

Good Afternoon,

The snow arrived and as did the wind. Playing soccer in the fieldhouse last evening with the PC men's team was quite eery. The rafters and vents were shaking and every once in a while, you would hear a low humming. It almost sounded like whales.

Well, the whales (bears) found a reason to pick up the trading volume yesterday. Here is a short term chart of the SPY. Notice the volume on the downdays. We need to close at or below 119.30 to stay below the neckline of the double top.

Most every sector is showing "chinks in the armor" as we have come off highs by significant percentages.

No, I am not a buyer at these levels and would look to sell rallies. Just like the forex markets allowed for this morning. Lots of DOUBLE FALL LINE TRADES such as this one in the USD/CAD:

One trade, one winner. Now FOMC awaits. Will it be a dud, or will they change the language. We know they won't change rates, so look at the language.

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