Markets feel a bit tired now. We'll see if the Fed's comments today will have an affect either way, but regardless they may be a good excuse for some selling. The Qs have closed successfully above the 200sma 3 days in a row, and are well above the 200ema. A pullback into rising shorter term ma's is the likely course for the time being. It is probably best to keep the powder dry until then.
A good example of what happens at this point in a weak rally is the action in PCLN yesterday which attempted to breakout but closed below the pivot. BIDU also tried to breakout, but closed poorly on higher volume. These are signs that it's time to sit on one's hands. Things will probably look better in a few more days. If not, we'll adapt.
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