For Friday trading, Toni Hansen writes that she will continue to treat buy setups primarily as daytrades until the pace on the selling intraday slows as compared to the rallies.
Toni Hansen writes that heading into Wednesday, the Nasdaq again looks like it will try to bounce into the open after rounding off at lows intraday on Tuesday along the 100-day moving average.
Toni Hansen writes that the Nasdaq seems to be trying to round off at the 100-day moving average support with greater potential for an upside correction in the morning.
Toni Hansen writes that the main catalyst for trading Friday morning is going to come from the early morning economic numbers, starting with the jobs data.
Toni Hansen writes that while the reaction to the Fed alone suggested further downside into Wednesday, she does want to be more cautious on shorting into the open if the gap that is forming holds.
Toni Hansen writes that while it's anticipated that the Fed will raise rates by another 25 basis points, investors are curious to see what happens as the Fed passes the torch onto Bernanke as the new chairman.
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