Good morning. Happy Tuesday. Happy Fed Day.
The Asian/Pacific markets closed down across the board – China fell almost 3%. Europe is currently mixed with an up bias. Futures here in the States point towards a big gap down open for the cash market which will more than give back all of yesterday’s gains.
Today of course is Fed Day. Deflation is more of an issue than inflation, so rates won’t be changed. The statement however will be closely scrutinized and way over analyzed by the media.
I hate when news has the potential to induce a breakout or break down, but this is our current situation. Here’s the S&P daily. The index is trading in a rising wedge which has bearish implications and is right up against its June high. Something has to give.
Remember, the first move is often the wrong move. There’s room for the S&P to move up to 1140 while remaining in the wedge and also room to move down to 1100 while maintaining its uptrend.
Don’t over analyze. Let the dust settle, and then play the next leg.
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 10)”
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Hi Jason
Guess you meant Europe is currently mixed with a down bias..Actually all my European indexes are down at the moment
Hey Henrik…I type the above comments about 60-75 min before the US markets open, so yeah much can change.
maybe asia is a good leading indicator for what europe will do.
Hi Neal!
I think the monster trade today is to buy the dip.
The only real selling is going to come from profit
taking. The traders will not initiate any new short
positions for fear of being whipsawed later on this
afternoon. Kudos, Neal for hanging in there on
your long positions. HW
Looks like the Cha-Cha. Step forward in June, back in July, then Cha-Cha-Cha thru August. The next step in Cha-Cha would be a rock step back then forward.
Somehow, I don’t believe that very successful traders have to resort to selling pivot point trading books and Dow 12000 tee shirts to make ends meet.
Also, it’s kinda low class to advertise your own wares on Jason’s web space…uh Neil, that would be you!
I bet Neal,Howard and Richie are all the same guy.
(#2) Hi Neal!
I live on the upper east side of Manhattan where it is not uncommon to bump into very famous people that you and I see on TV occasionally. As a matter of fact I have seen Lawrence Kudlow several times, only by chance. He is very ‘waspy’ looking. He wears those wing tip shoes with the little tassles out in front. He also wears some kind of a hat with a crease in the middle and a feather running along the side of it. I believe he was born Jewish and then converted to Christianity. When he steps out of his limo to do local shopping he tries to give the impression that he is some sort of head of state or even a diplomat from the U.N. As I am walking my dog Max and picking up the poop I wonder what kind of a guy Lawrence Kudlow really is like. HW