Explaining The Market Action Along With Trades On Watch

As the market awaits the Federal Reserve FOMC Rate Decision, Apple Inc. (AAPL) has faded from an opening gap up to the negative side. This continued weakness ahead of earnings is something to note. Earnings will be reported tomorrow after the market closes. The Federal Reserve will release their statement at 2:15PM ET.

Oil continues to take a hit as the global picture looks much more murky following major earnings misses from almost all blue chip stocks. The United States Oil Fund LP (ETF) (USO) is trading at $31.50. This is a short-term support area on the daily chart. There will likely be a small bounce before further downside.

Financial stocks are holding up well with JPMorgan Chase & Co. (JPM) and Goldman Sachs Group, Inc. (GS) both trading higher. Ahead of the Federal Reserve, this tells us the market expects more dovish talk from the Fed Chairman.

Trades On Watch Over Next Few Days
Research In Motion Limited (USA) (RIMM) has faded nicely off the recent earnings pop. This stock is coming into major support in the $7.25-$7.35 level. The pattern is also bullish. Likely upside from that level will be seen.

Sarepta Therapeutics Inc (SRPT) ripped higher on the back of solid drug news about a month ago. The stock shot up 200%, hitting $45.00 to the penny. Since then it has fallen almost every day. Today, the low was $22.50, exactly a 50% fall from the $45.00 high. At this level, this stock is starting to look very interesting again.

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Disclosure: Gareth Soloway owns shares in SRPT. He may hold them or sell them at any time.

By Gareth Soloway