Wednesday uncertain

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

• Wednesday uncertain.
• ES pivot 2081.67.  Holding above is bullish.
• Rest of week bias uncertain  technically.
• Monthly outlook: bias lower.
• Single stock trader: VZ may be a swing trade buy.

Recap

Last night the Dow had given us a reversal warning in the form of a hammer but that wasn't too convincing to me.   Too bad too because the Dow gained triple digits Tuesday, apparently on pre-Fed second guessing.  Well I won't be fooled twice.  It's my standard policy to never make predictions ahead of Fed days and that goes double for this one as this Wednesday's announcement is more widely anticipated than most.  So we'll just skip the chart run-downs tonight.  No point to them.  Less for me to write, less for you to read.

The technicals

ES daily pivot: Tonight the ES daily pivot finally rises  from 2081.67 to 2088.75.  ES did well enough Tuesday to rise above its new pivot so this indicator now turns bullish.

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      7      6       5           4       0.647    976 April      3      8       7           0       0.273      1
May        6      5       5           2       0.615    581 June       5      2       2           3       0.800    463

     And the winner is...

I won't be playing the game Wednesday morning, not ahead of a big Fed announcement.  There might be some great scalping opportunities as soon as it comes out for the fleet of finger but I'll leave that to those more adventurous than me.  In the meantime, the call is simply Wednesday uncertain.

Single Stock Trader

On Tuesday VZ took something of an unexpected pop that helped establish 47 as support.  I think I might stick a limit buy just above that and see what happens.