Next week, the Federal Reserve Board is set to meet between the 15th and the 17th to discuss the economy and if they should raise interest rates. There is not a unanimous opinion either in the marketplace, or the Fed itself regarding interest rates. Should they choose to incrementally raise interest rates, the reaction in the market would tell us a lot about what the next big swing is going to be in stocks. I am not an economist nor do I have a crystal ball or inside track on what the Fed wants to do. What I do know is that the market will tell us what it wants to do and not the Fed. Right now, the major trend is down in all the indices and shows no real signs of reversing that trend any time soon. So far this week all of the indices are in the plus column which is not a surprise given the recent volatility and the fact that there seems to be one big week down followed by a small plus week. This pattern has been going on for nine weeks, just check the DOW on the weekly chart to see what I mean. I still feel that the formation that has being building on the charts is going to prove to be negative, as it looks to be a triangle continuation formation to the downside. The only other major market that was in the plus column for the week is the Euro which is in a positive trend against the US dollar. Crude oil and gold are both lower for the week and I expect them to remain in that column today. I'm also going to be looking at a several stocks, Apple Inc. (NASDAQ:AAPL), Amazon.com Inc. (NASDAQ:AMZN) and Under Armour Inc. (NYSE:UA) and show you why they are beginning to look interesting on the upside. Above all, stay disciplined and have a great weekend everyone.
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