Heavy Selling With a Catalyst
Since noon yesterday, strong selling continues to enter the markets as the Fed discusses withdraw of its QE programs. With the pullback, I am waiting for a time to buy as my longer term bias and indications are still bullish. That said, I am not willing to try to catch a falling knife on this market. I am looking for the SPX to pull back towards its lower bollinger band and find a little bit of support. With the VIX surging, option prices are rising which increases the risk. For that reason, I am looking to be very exacting on my entries. On my buyers wishlist are AAPL, VALE, CAT, and V. Given market conditions, I am content to wait things out.