It seems as if the Federal Reserve minutes were taken and used as an excuse to sell out and take profits on some of the most crowded trades, such as Long NQ and SP, Long FX (short dollar) and Long Gold & Silver. The equities were lower today pretty much across the board but at the end of the day and something that we have seen time and time again, a big firm announced a surprise buyback!
Intel Soars After Announcing Accelerated $10 Billion Stock Buyback
Will it help the indexes on the open maybe, but this is more of a personal save for them considering their recent debacles.
Anyway let’s look at a few charts and something we highlighted yesterday, the setup in Amazon:
It will be interesting if Amazon rolls over how the rest of the market handles this. The Dow has also put in some curiously lack luster days in a row here:
