"-The Dow Jones Industrial Average snapped a four-day winning streak on Thursday, after the Federal Reserve made official its plans to end the last round of its recession-era stimulus program. Most major stock benchmarks slipped lower, after an initial knee-jerk bout of panic, in the wake of the Fed’s policy decision, which came just after 2 p.m. Eastern time. Stocks did recover somewhat, but still ended Wednesday’s trading session in the red. The S&P 500 closed 2.75 points, or 0.1%, lower at 1,982.30. The Nasdaq Composite Index, which was already under pressure from Internet stocks lost 15 points, or 0.3%, to 4,549.23. Meanwhile, the Dow industrials ended down 31.44 points, or 0.2%, at 16,974."
FCPO- The Bulls Are Out Of The Cage.
Palm oil futures rallied to multi sessions high and closed at 2,267 yesterday amid strong rally in Soy oil. More promising rally is about to happen again today as Soy oil manage to record about 0.80 cents rally overnight and it is still rallying at the time of writing. Yesterday market frantic rally may contributed by the news of declining output in palm oil top producer and depleting inventories as well. For whatever the reasons were, again, it is not a must that the trader knows it, but it is compulsory for a trader to consistently follow the trading plan before him, period. I for an instance, does not know such news until today, so does it make me to less informed to other trader in the market ? The answer is no doubt yes, I am less informed on this news and I did not care because it was not the news that made me enter and exit my positions based on these kind of news. I have a plan, and it was crucial for me that I trade based on that plan. Staying and working according to the your tailored made plan or system is the best edge you have, to stand a chance winning in the long term. News or known as external factors in my vocabulary did not give me any measurable technique to use in the market. By the time I knew there was such news, it was already too late as the price would have moved away from your exit point. Back to palm oil futures outlook, "the bulls are indeed out of the cage," and it might continue to charge further until there some indication in hourly chart that may suggest slowing down. For this week, resistance is pegged at 2,325 while pivot support is located around 2,233.
Daily Pivot Point
Disclaimer: Information and opinions contained in this report are for educational purposes only. While the information contained herein was obtained from sources believed to be reliable, author does not guarantee its accuracy or completeness.