16Sep10:28 amEST
Slowing of Commerce
Fedex missed earnings this morning and gave an outlook warning, to boot. The giant in the IYT, ETF for the transport sector, has been a recurring theme on this website for several months now, essentially acting as a thorn in the side of any sustained bull thesis for the market at--large.
And when we updated the daily chart, below, we can see that FDX has failed so sustain a bounce to so much as retest the "scene of the crime," or breakdown, at around $162 above. I consider FDX a short idea here, though waiting until after The Fed tomorrow is also likely prudent at this point.
In addition, biotechs look to be leading down the market today, as well, in perhaps a pre-FOMC lull.
Commodities are receiving a relief bounce, with miners are crude gaining some traction to the upside. Holding those bounces, however, has been another story. So let's see if they can do that this time, especially when the fireworks begin tomorrow afternoon.
