Trading thoughts, ideas, tips, musings, and pontifications. . .not necessarily in that order.
There is going to be a lot of words thrown about this week. Besides the eco reports, PPI, CPI, Housing Starts and Philly Fed Survey, there’s a Fed governor speaking every day…sometimes twice a day. The markets will be listening with one ear towards the FOMC gobbledygook and the other ear aimed at Europe. And the markets will get squeezed in the middle!
Don’t forget, it’s OpEx week as well. What a recipe for volatility! 
That’s what traders are thinking….fu! Shifting from short term to longer term bonds and standing still on interest rates? That’s your way of working through a recession/depression?
Even better-than-expected Existing Home Sales couldn’t help. And the strong tech sector finally gave it up also. Looks like we may get some downside follow-through on Thursday. Oh my:!:
Yes again, the european news mill whips around the US stock market on rumors and leaks. Boy is this tiring! The President couldn’t move it, nor could housing news. Nope. Just that european BS.
For a while the markets recovered…looked a lot like a key reversal. But futures are back to their lows this evening. Let’s see what kind of news crap the eurozone comes up with on Tuesday.
Y’know on Thursday we had two highly anticipated events. First there was a speech from Bernanke. Those of us watching the markets for a response from the Fed were sadly disappointed as stocks tumbled into the close. So I guess the Fed, or Ben specifically, is just setting traders up to take action at their next meeting Sept 21st.
But then the big one from President Obama took center stage Thursday night. He unveiled his jobs growth plan. As usual, he spoke well, but it may take some time for investors to research the true value of these concepts. And more so, how the hell do you get a congress to make the ideas law?
Since it will take a bit for traders to fully digest BO’s speech, they decided to regurgitate all over the markets as the indexes trended down all day….A/D volumes down big, TRIN at over +5, Dow down over 300 points…. the final verdict will become clearer over the next couple weeks.
Now let’s hope nothing crazy happens over the 9/11 weekend!
What jobs? No jobs!
Futures took a dive for the holiday shortened Monday session and are continuing the downward pressure. Looking like a stinker. But remember, the Fed can step in at anytime and turn this around. Really hard to trade around this.
So is QE3 coming or not? Maybe not, but the “Bernanke put” is back! A song comes to mind… Welcome Back My Friends to the Show that Never Ends. We regained two-thirds of what we lost yesterday, so that’s nice….but why? Stealth QE3 Is Upon Us, how Ben did it and what it means.
It was definitely a rollercoaster day as indexes moved in both directions all day long. It took about an hour to go from the low of the session to the high, closing near the highs…and the futures continued to go up after the cash close. Boy was that last half hour ever exciting!!
Volume was the highest in the last 3 days and the VIX returned about half what it gained yesterday. Some wild and crazy action for the last 2+ weeks…it’s getting frustrating. 
Markets opened with a dive which looks like some bulls capitulated. Scary! But after about 90 minutes, the long upward trek began and all the indexes closed in the green. I guess that TRIN thing works.
Volume was up…finally…but strange for a hot August day. It also looks like everyone is using their MasterCards. MA had blowout earnings.
On the flip side, condolences to DNDN bulls. It dropped 60+% afterhours on a lousy report.
Congress goes on vacation until after Labor Day…so you would think that should rev up the market. But be on the look out for Jobless Claims on Thursday and Employment Report on Friday.
What else can you say? The Waiting is the hardest part!
So you think C-SPAN comes up with the highest overnight ratings? Everyone is waiting for some action.
The markets hung around breakeven for most of the day, reaching its highs around noon. After that it was a grind down into the close. You would think the Jobless claims numbers would have given the markets a bit more oomph.
On the last trading day of July we have GDP numbers and Chicago PMI….oh yeah, and everything about the debt-ceiling. Can’t wait until that sh!t’s all done!
Millions of people have charged more than their credit limits. Besides the astronomical size of the U.S. credit card, I just don’t get why this is such a big deal. I’ve gone over the limit before and I’ve paid it off…eventually. Once you go over your limit, you can’t use your card any more. So in this case, wouldn’t that be a good thing? What I really hate is all this fear-mongering by the government and embellished by the media…or is that the government public relations department?
The markets opened with a big gap down and during the day we almost closed that gap. Unfortunately, the B&B show (Barack & Boehner) came on during the afternoon and the markets bled the rest of the way. Now that everyone is done bitching, maybe they can say “Let’s make a deal!” Should see it in the next couple of days.
So today was a day to do nothing….no volume at all. Let’s start the week on Tuesday and take it from there.
Another day of markets going nowhere…but on a bit higher volume. It’s been a narrow range week so far, only 14 points in ES, but futures are looking bullish this evening. Of course we have a long ways before the US open.
But we’re kicking off two days of employment data with ADP report and Jobless Claims on Thursday and then the biggie Non-farm Payroll and Unemployment report on Friday. So I’m looking for some volatility soon.
| INDU | 0.00 | |||||||
| NASDAQ | 2905.66 | |||||||
| S&P 500 | 1344.90 | |||||||
| ^RUT | 831.11 | |||||||
| QID | 36.382 | |||||||
| QQQ | 62.05 | |||||||
| QLD | 100.36 | |||||||
| TZA | 18.3401 | |||||||
| SSO | 53.15 | |||||||
| SDS | 16.758 | |||||||
| BGZ | 23.5037 | |||||||
| BGU | 75.50 | |||||||
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