Wednesday uncertain

The Hoot 
Actionable ideas for the busy trader delivered daily right up front

• Wednesday uncertain....
• ES pivot 2072.50.  Holding above is bullish.
• Rest of week bias uncertain technically.
• Monthly outlook: bias higher.
• Single stock trader: VZ possible reversal - no trade ahead of the Fed.

Recap

With everyone pretty much on Fed watch waiting to see if the word "patience" puts in an appearance, and with me still not feeling so hot, this seems like the perfect time to take another sick day.  I'd be calling Wednesday as uncertain anyway.

The technicals

ES daily pivot: Tonight the ES daily pivot falls again from 2067.58  to 2072.50.  We remain above the new pivot so this indicator remains bullish, keeping in mind that I expect Wednesday to be news-driven.

Accuracy: 

Month    right  wrong  no call  conditional  batting   Dow
                                             average  points
January    8      6       4           1       0.563    627
February   6      4       5           3       0.692    183
March      3      4       2           3       0.600    471

     And the winner is...

I don't have the hubris to make a call ahead of such a big Fed announcement so it's simply Wednesday uncertain as we wait for the fireworks.

Single Stock Trader

I definitely wouldn't be playing VZ ahead of the Fed.