The Morning After

Futures are down this morning, but not severely. GM looks up, but that's to be expected after their upbeat earnings report. Apple will likely open a little higher this morning. There seems to be an upswell of small investors that want it higher, while big money is sitting on the sidelines.

The Fed gave the market exactly what they wanted, A small rate cut and a neutral stance going forward. But even so, the market sold the news, with the Dow losing 117 points in 5 minutes, and AAPL dropping a bit over 2%. AAPL recovered some in after hours trading. The Dow had briefly touched 13,000. That's a level that hasn't been seen for a while!

The Naz was poised to break out of critical resistance at 2430, the long term downtrend line. But the selloff squashed any hope of achieving that. And I'm not sure we'll see it happen this week. The market needs to find it's footing here, digest what the Fed said, and fend off a slew of market reports today, including Jobless claims (tomorrow is non-farm Payrolls).

I can't see taking any longs today, no clear entry points.