Good morning. Happy Monday. Hope you had a nice weekend.
The Asian/Pacific markets closed mostly up, but there were no big winners. Europe is currently up across the board – most indexes have gained at least 1%. Futures here in the States point towards a gap up open for the cash market.
Being today is the day after the employment numbers, normally I’d say today is more telling than Friday because often the initial knee-jerk reaction to the numbers is the wrong reaction and the second reaction is the lasting one. But today is also the day before an FOMC meeting. The market has to somehow tell us what it really thinks of the jobs report at the same time it discounts what it anticipates the Fed will say tomorrow. Sounds like a time to stand aside and let the market forces work themselves out.
Here’s what the market did last week. It gapped up Monday and then flat-lined all week. Only the jobs report pushed the market outside its tight range, but that was quickly recaptured on Friday afternoon. On a closing basis, the market barely moved last week.
Other than a day trade or two today, I don’t plan on doing much today. More after the open.
headlines at Yahoo Finance
today’s upgrades/downgrades
this week’s Earnings Reports
this week’s Economic Numbers
0 thoughts on “Before the Open (Aug 9)”
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Hi gang!
Among the many websites that I follow tomorrow, Tuesday
is supposed to be a major turn cycle date. Of course no one
really know for sure but it could be another classic
example of ‘buy on the rumor, sell on the news’ sort of thing.
In conclusion, just be extra careful about the way you
trade tomorrow. Regards, HW
From Forex.com,
Those moves, however, are likely to leave markets disappointed, raising the potential for a risk sell-off and a flight out of Treasuries (since the Fed won’t be buying them at this juncture), sending rates and the USD higher. This promises to be one of the more significant Fed meetings this year and the reaction should be accordingly volatile.