The headline grabbing news today will come in the form of the Federal Open Market Committee’s (FOMC) interest rate decision, which will be followed by a historic press briefing with Ben Bernanke. Expect the market to dissect every last word by Bernanke to look for clues as to what his thinking might be in regards to future policy decisions. In addition, the market will get reports on durable goods orders and the Chicago Fed manufacturing index for march. Turning to earnings in focus, Boeing (BA), eBay (EBAY), Baidu (BIDU), Starbucks (SBUX), and Aflac (AFL) will all report. A day after the markets broke out to new highs, it will be interested to see if they can extend that breakout. One index to keep a close eye on is the Russell 2000 as it is still below it’s recovery high right around 860.
As for our stocks in focus we’ll continue to watch NEI & MGIC closely as both are in the midst of breaking out a day ahead of their earnings reports. TLON is also on watch to see if it can continue the breakout it made yesterday. In the penny market, we’ll continue to monitor the action in DTRO to see if there is any follow thru momentum after yesterday’s big move that provided our members over 50% gains. HYPF still remains above support @ .04 and might be getting closer to a breakout. Finally, RFMK is on watch for a potential bottom bounce, support resides @ .004 while resistance is @ .005. Be sure to join us in our stock chat room where we call alerts live (like our TECA alert @ .0004 that gave members 100% gains.)
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