I can't wait till we get past this holiday season. It always gives me weird anxiety. Markets seem to be showing signs of a more extended pull back. But because this has happened before I want to see a little more proof.

Because the action appears technically sound and I like the fast rotation in the stochastics I am not expecting this to get to much further before a move back to the highs.

**********Wild Card**********

FOMC meeting and decision next Wednesday at 2pm This event will be look at more the recent meeting as most are in agreement that the tapering will begin within the next 3 months.

The Question is what will be in the statement. I personally don't see them announcing it at this meeting and if they did I would expect the market to get hit pretty hard. But as we get past the meeting most likely the road map will be much clearer as there might be mention of a future schedule or more of a blueprint on how it will look.

In any case at that point the market will start pricing in the actual event. Looking at the correlation between the QE programs and Market direction I could see why there is a lot of hesitation and nervousness. 

  Again big week with FOMC meeting and just to remind you news events like this will break charts but those levels are usually regained. But you could get some grey hairs in the process.

This weeks watch list reflects my cautionary outlook. REGN is a Higher risk Best bet play for next week. 

Watch List can be viewed here

The Second Trade of Christmas

DayTraderRockStar