Fed News Spike

DPR Update:  No changes

As I type this message I see the futures recovering the sell-off into the close today.  The current trade I am in was there to catch a breakout higher after the closure of my last trade which appears to have been the short term top.  So, unfortunately I seem to be in a failed breakout trap thanks to the market reaction to the federal reserve minutes release.

I find that markets often recover after the news distorts the trend and I was pleased to see it do that overnight and for the first half of the day today.  However, the selling in the afternoon into the close means that this may no longer be news based and could be a turning point in the re-bound.

Having just closed a 10% cash trade grabbing the last swing low, I can hardly complain, but it always hurts to give back gains.  That being said, the market can recover overnight, but I need to see some positive movement or I will be exiting this latest trade for a small loss….safety first!

I will keep all members posted as always.

Good trading,

John