You don’t need me to tell you that things got real ugly last week. The NASDAQ gave up its 200-day moving average — the last hope any trend-following bulls had to cling to. I don’t think all is lost yet. This week’s two big events, the Fed meeting and the April employment report, could easily spark a run back above that key moving average (we’re already back above as I type this… at least on an intraday basis). As usual, I’ll be on the sidelines until 30 minutes after the Fed decision.
