Fed cut rates today as expected. What I didn’t expect was the continous slide lower into the close after the announcement. That was ugly if you tried holding long, or bought dips. I thought it would be smart to hold some DIG into the announcement. It blew right through my stop. Wanting to make something out of the trade was a gamble. I lost more than I wanted to. The last time I held a stock during a fed announcement, the same thing happened. Maybe I need to tattoo a reminder on my forehead; No trading during a Fed announcement.

Commodities look like shorts here. XAU broke it’s first support trendline, and OIH failed to hold the breakout of it’s channel. I’ll watch for shorts under the first 5 minute candle, and first 30 minute low in both sectors.

Steel stocks X and STLD reversed their uptrends. Watching for more downside.

GS stopped it’s drop on the 200dma and trendline support. Heavy volume there. If support is lost, ProShares has an UltraShort Financial ETF. SKF is double short the financials and shot higher off the 50dma. Heavy volume and a wide range green bar will keep it on my radar.

OIH has been trading in a channel since October. The move today takes the Oil Services Holdr back above the 50dma. Watch for followthrough. A move back into the channel would not be a good sign for long plays.

With the 20dma crossing under the 50dma, and now heading down, the XAU is starting to show signs that shorting golds may be near. Today, the index failed to hold the breakout. If the 50dma fails, and more importantly, the bottom trendline of support fails… Look for shorts.