The Closing Look
Stocks fell on Monday as markets paused to digest the very strong rally we have seen over the past 8 weeks. Commodities dragged stocks lower even though the US dollar also fell. Alaska Air ($ALK) said it plans to acquire Virgin America (VA) in a deal valued at $4 billion. Groupon (GRPN) rallied after the company said Comcast will invest $250 million. Comcast will work with Groupon on potential strategic partnership opportunities. In Europe, unemployment fell to 10.3% in February which was the lowest level since 2011. The IMF said a Greek deal is far off which weighed on investor confidence.
Gary’s Thoughts: Mushy but no biggie yet. Just beware foreign markets suspect!
I may be mistaken, but I think the fed speaks to mo rr ow..
UUP is extended down, and it should be in a rally off it’s support.
UUP is not, it’s flat; …..( waiting on the fed ?? ).
If the fed speaks, and the uup rallies, the market should break down thru support, and we should get a little pull back.
If the fed speaks, and the uup falls, the extended market could rally off this support, to test another channel top. The market rally goes from extended to more extended.
Fed speak decides which way the dollar moves, and the dollar decides which way the market moves.
Er ..rr… that’s the way I see it.