Tomorrow’s Fed meeting seems to have extra importance with the will they or won’t they continue with their quantitative ways. I’m continuing to sit on the sidelines to see how this all plays out as my focus list of stocks I’m watching haven’t triggered any buy entries. It’s sort of hard to enter as the market just continues to move higher and it’s going to be very interesting to see if the market has any gas left in the tank.

I see two scenarios playing out:

  • Markets react negatively to Fed news, market drops for a day or two and then continues higher as traders realize the world isn’t coming to an end (I base this on the fact that my trend signal is positive)
  • Market move up 1-2% and then fall for a few days as buyers exhaust themselves, but markets collect regroup in a few days.

Either way the market needs to pullback for a few days to digest recent gains. I won’t chase stocks at these levels.

Not much to report, but a few stocks that I think are worth buying on pullbacks:

ITW GRA AIV IACI CLP CPT SIAL

Remember to check for earnings dates and be careful not to hold through the earnings report.

Congrats on the Canucks tonight as that’s where I spent the good majority of tonight hanging out with friends holding our breathe as Vancouver seems to find enjoyment out of making the fan-base sweat with anticipation to see if they can pull out the win. Chicago played a great series and their goaltender is amazing.

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