It is not unusual to see a knee-jerk whipsaw action after a fed announcement. The NASDAQ is not only trading lower but below the open of yesterday’s candle, clearly indicating the sellers are still in control in those sectors. The Dow is currently trading back below the T line. Shorts that would have been covered on yesterday’s strength now need to be reconsidered.
May 5th Daily Market Comments
It is not unusual to see a knee-jerk whipsaw action after a fed announcement. The NASDAQ is not only trading lower but below the open of yesterday’s candle, clearly indicating the sellers are still in control in those sectors. The Dow is currently trading back below the T line. Shorts that would have been covered on yesterday’s strength now need to be reconsidered.