"We're going nowhere fast because we don't have a lot of meaningful news," said Paul Nolte, director of investments with Hinsdale Associates. "We've been left to trade on interest rates and crude oil, both of which have been very volatile."
Traders are now looking ahead to Tuesday, when the Federal Reserve is expected to bump up fed funds by another quarter-point to 4.25%.
My Thoughts
I have to agree. I bought some MEMC (WFR) at $24.15 and saw the stock head south pretty fast after that! I still own it though. The word is that demand for the chips is here. However, there is a silicon shortage, which MEMC can produce. So the stock should go up. See chart here. I feel the buyers are still around for this stock. This past week was pretty volitile but I feel that was due to Intel coming out with news and the market unsure of what to expect. If there is weakness in the coming week, MEMC could be done for a while. Time will tell.
I bought some MCD last week at $34.14 and sold at $34.99. MCD is have a hard time getting past the $35 mark. I like their Chipolte IPO but I don't want to hang around just for that. I am waiting to see if this stock can trade over the $35 area on good volume.
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