Where have you been all day? It's nearly dinner time and nothing has come across the blogwire? Wednesdays are typically my busy day, however since I do not teach Master Talk tonight, do I really have an excuse? Yes.

Blogger was down for maintenance. So here I am in the comfort of my home, ready to fill a couple posts in order to not leave everyone stranded today.

Let's first digest the market and talk set-ups. By the way, the number of posts on the "Breakouts" article was impressive. For those of you looking for trades, thank all your peers for adding value to the site.

What did we see in the market today? Any unexpected actions? The Fed paused today, which was the expected action that they would take, but what about the RE-action? The market started off well, retraced, advanced, declined and rallied to a slightly higher....and another record close on the day. The Nasdaq, with help from AMZN, led the way today with a good solid gain finishing up about 12 points.

What will tomorrow bring? Good question. If the rally in oil is over, and we see a pull back in crude futures, I am bullish. The price of oil and the market have really moved in opposition of one another lately, so keep an eye on it. If oil continues to move higher, the market might exhale for a few days in search of the next higher low.

I didn't close any positions yet, but depending on the potential "counter-fed" movement that could occur tomorrow, I remain open minded and ready. What about trades to get into going forward? I still like the breakouts, and a pull back in the market averages will give great opportunities to find support bounces in uptrending stocks.

Posted by Option Addict on 10/25/2006 at 4:54 PM | Permalink