GDP comes out at 8:30AM EST. The consensus is -5%, with a range of -6.2% to -3.5%. The previous reading was -6.3%. Obviously, there will be movement.
It is also Fed day today, meaning, you better quit fooling around by 2:15PM and get back into your seat. I usually like to run errands and other misc. tasks all morning, you know, the ones that have been neglected for weeks (fill in the blank). Everyone expects no change in the current rate, and I expect most of the movement will occur based on the FOMC's statement. I am hoping that the GDP/FOMC announcements will be the catalyst in breaking us out of this range.
The action in the past few days is telling me that the market wants to go higher. We formed a doji on low volume yesterday (as part of a small 2-day bull flag), indicating consolidation and a likely halt to the distribution. Currently, the market has both the 15- and 20-day MA's as short-term support. To me, those two MA's matter the most in my swing trading. They matter, here and now, for the SPX.
5 comments:
To sum it up this trend seems to be a boondoggle...Financials led it and just about 4 quarters in a row we've heard that they have "written everything off and the worst is behind us" Now we are seeing spikes in forclosures and unemployment in the higher paying jobs trending up!
I say beware the ralley will be short lived and Financials will lead us all down again! Shareholder lawsuits claiming company directors of misleading stockholders along with future lawsuits claiming banks crafted fraudulent loans with massive bonus schemes are just starting. It will be like the ships anchor tied to the life boat no hope... Most US investors are not stupid, they are looking for justice. HOPEFULLY Federal criminal charges will take place, Then IMHO we would hit the bottom...Until then no INVESTMENT OR TRUST... JUST DAY TRADING!
Just curious why your Covestor account has been flat-lined since March but you are obviously still making trades?
I don't use it anymore. All covestor accounts are not accurate. My broker isn't even auto-supported by them.
Are you still in the Devils ETF FAZ going into Mondays Stress Tests Release?
Cheers
yes, it's an insurance policy for my longs.
Post a Comment