MomentumOptionsTrading.com Midday Update for 6/17/2014
Flat Action Ahead of Fed News/ Profit Alerts !!!
The market has traded in a tight, choppy range today ahead of the Fed’s 2-day meeting kicking off today. Most economists expect no changes to the Fed’s current taper policy but are expecting some possible insight into when interest rates may start to rise.
Housing Starts were a little weaker-than-expected and has caused some of the softness along with word the US is sending troops to protect the American embassy in Iraq.
Despite the tension and lackluster action, the bulls are pushing higher as they try to clear resistance.
The Dow is up 17 points to 16,798 while the S&P 500 is advancing 4 points to 1,941. The Nasdaq is jumping 19 points to 4,340 and the Russell 2000 is adding 11 points to 1,178, both bullish signs.
I have 2 more Profit Alerts for today so let’s go check the tape.