Nothing has changed much on the charts, Not much has changed with the narrow range trading that has occurred over the last 2 weeks. Basically there is no reason to expect anything different and when i mean expect, I mean lets get out of our minds the idea of picking the top in this market. When that time comes we surely will be aware of it.

Right now traders seem to be flip flopping on whether the Fed will hold off on any type of additional stimulus at it's Sept meeting. recent data has improved (employment data, retail sales and housing) I have been calling this market the Carrot Market, where the possibility of a positive market moving event is right there in plain site and the markets are trading up into any such event. This should continue until that hope diminishes or something else takes the spotlight.

There are many events that are right in the near distant future that could effect the markets.

This Wednesday the Fed releases it's minutes from the last FOMC.

Europe debt issues will still be in focus and it seems like Greece leaving the Euro might be back on the front burner.

Focus on the Treasuries is at an all time high as this is a vital piece of the puzzle and will have a direct reaction to any important news good or bad.

Another big event will be this Friday when Bernanke  the central bank's chairman speaks at the Fed's annual symposium in Jackson Hole, Wyoming. Since last meeting and this event  data has improved so this event looks to be a non event in my eyes.

The next big event will be both the Sept fed meeting and the ECB rate decision in Sept and as this approaches the election hype will start getting into high gear. so of course there will be issues that is there is a chance that the Fed action will it be focused on for the wrong reasons or as an election tactic for Obama.

That leaves the market off right where it began all talk and no action,eventually that will play out and get old. 

But not yet...

The Carrot market lives on! Sept meeting is the one I am worried about, the Jackson Hole comment won't amount to much, and the focus will shift to the Sept meeting. A lot can happen between now and then, but I expect the trend to hang tough going into Sept 1st. At that point I want to really be prepared for anything. September-October-November will have the biggest chance of market turmoil and I am planning to be at my most nimble.

For this week Green Arrow Up the video outlines some fantastic set ups and of course the Best Bet of the Week.

http://daytradingradio.com/10for1000

Another great week with the HPS set ups

DISCA was a short (Great Trade)

PAY did the right think to get out on the embedded stochastics ( News weighing on stock)

DB each time DB give me a opportunity on a gap down I like it (Great Trade)

DLTR Scalp bought on earnings reaction, but the report was not that bad moved right back up (Great Trade)

CCJ Held for a couple weeks (Great Trade)

PLCE sold most before earnings and help a small amount earnings were good and would have made a lot more. But the earning hold has been most of my losses on trades the HPS set ups work out close to 75% more then half of the 20% losers are from holding into earnings.

CY  Took the trade off but it ended up working fine, Chart showed nice double bottom in channel

GS overnight hold and took profits fast in morning. GS tends to make its biggest move at the open. (Great Trade)

Next week looks to be even better with this week's watch list

DTRS