Good morning. Happy Monday. Hope you had a nice weekend.
The Asian/Pacific markets closed mostly down including China which dropped almost 3%. Europe is mostly down; losses are small to moderate. Futures here in the States point towards a sizable gap down open for the cash market.
The dollar is down slightly. Gold and silver are up better than 1%. Oil is down about 1%.
Here we go. The weekend has come and gone and so far no debt ceiling resolution. Event risk right now is super high…even for day traders. At any time news could hit that pushes the S&P up or down 30 points in split second. I’d be very careful about being aggressive here. Keep stops in place.
From a technical standpoint, the indexes are neutral when going back to the beginning of the year. We’ve had lots of up and down movement, but neither the bulls nor bears can fully take control. Rallies get sold, dips get bought and in the end the market has been range bound. On a shorter term basis, things look decent, but the indexes are close to resistance and several breadth indicators are not supporting further upside right now. Then throw in the debt ceiling talks and earnings season (news can trump the charts), and one could certainly argue to sit on the sidelines until things pass. Wall St. is on edge right now. All hands are on deck waiting, but no one knows what the news will be or when it will hit. If you plan on trading for a long time, there’s no shame in sitting and waiting until things clear up. More after the open.
headlines at Yahoo Finance
today’s upgrades/downgrades
yesterday’s sector performance
this week’s Earnings
this week’s Economic Numbers
0 thoughts on “Before the Open (Jul 25)”
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“If you plan on trading for a long time, there’s no shame in sitting and waiting until things clear up.”
Jason you nailed it!
I paper traded UGL double long gold and most of the premium
was embedded in the pre-market, so I stayed away from that
trade. Hey, you know what? AAPL is the most resilient
stock in this market. It will go positive soon. HW
Apple up +6.37
will the ndx 100 being at main piviot stall out all markets
it did premarket
now that the ndx has droped its alter ego –the dax
we will see where the markets really want to go
here is how to save usa
means test the dole ,unemployment ,pensions
cut out the perks
and work for the dole–send the unemployed out to build infrastructure
means test medicare
give employers tax releif to employ a long term unemployed
and take up the buffet sugestion –make directors ceos and their families directly financialy responsible for company failures and misdeads
enforce the bankruptcy laws
LB is for active swing traders. For those that invest long term and wish to collect dividends, I’m sure there are lots of financial planners willing to offer advice.