Good morning. Happy Wednesday.
The Asian/Pacific markets closed mixed. Indonesia, China and India suffered noticeable drops. Europe is currently mixed; Greece is down 1.5%, otherwise there are no 1% movers. Futures here in the States point towards a flat open for the cash market.
The dollar is up slightly. Oil and copper are down. Gold and silver are down.
There’s no earth-shattering news to talk about. The market is slow. The ranges are small. The volumes are light. There are some decent set ups to be played, but for the most part we aren’t getting follow through. Quick trades are the name of the game. We need to be content with small profits right now…if you choose to trade at all.
Bernanke speaks tomorrow. Some are hyping it up as an important speech; others say it’s very over-rated. The market has done well since the June low. Perhaps QE3 is being priced in, and if Wall St. doesn’t get it, it’ll be a big let down. But we could also get a “sell the news” scenario which would lead to selling anyways. After all, each round of easing has had diminishing returns, and the S&P is 150 points off its low. How much further can the rally go, especially considering key foreign markets are not keeping up?
Here the 5-min S&P chart over the last month…from one range to the next. We’ve gotten almost no directional moves…just lots of grinding in place.
Don’t force it out there. Be conservative. Rest up, read a book, get ready for the fall season. More after the open.
headlines at Yahoo Finance
headlines at MarketWatch
today’s upgrades/downgrades
this week’s Earnings
this week’s Economic Numbers
0 thoughts on “Before the Open (Aug 29)”
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romney and the boys want the market down this week to show the country
how bad bama mama sucks.
skankie not letting it come down is a big middle finger in their face.
romney said if he wins, he will fire skankie
skankie said f u
http://www.federalreserve.gov/whatsnext.htm
According to the above website, Ben does not speak until Friday. Not tomorrow.
August 31 Speech–Chairman Ben S. Bernanke
Monetary Policy Since the Crisis
At the Federal Reserve Bank of Kansas City Economic Symposium, Jackson Hole, Wyoming
10 a.m. EDT
But what do I know…
Kezha
nothing
you think someone can only say something during a future speech
look at the market genius
the fed was started in early 1900’s by the big bank instos to syphone money out of taxpayers govts and the fed is owned by wall street and fleet street as a independant body
politicans are trained and owned by wall street and are not ellected by the public
look at the bush family connections with the rockerfella foundation
wall st and all world politicans are owned by a corupt evil illuminate mafia that run the world–they are a handfull of evil pschycopathic criminals that run the world
the next usa president may very well be a marsian allien orriginally from the orion galacy
—a mormon
wall street via the markets will tell us who wins
lol very good taz. and to think for a moment I wondered if
anyone at this blog could be taught anything
been some nice and very tradable intra day range trade moves
small range large margin bets ideal for intraday scalpers and easy to read
took me all day to get 3% on aci
skank has taught bama how to bark and get oil down
threaten em with reserve release
same way he mentions qe3 and gets a market pop
good trick
all markets on the weekly charts wedging out
all they’re waiting for is bulls to get the bad news, won’t be long now
the great walrus vows to throw 40 bil a month on the bonfire. this should remove all doubt about fed intervention