Mid Day Trading Update – The Toss Up
DATE: 30 JUL 2013 /
POSTED BY: SANG LUCCI /
Well folks, with 3 major economic events scheduled to be released tomorrow, it's anyone's guess where the market goes in the short-term. There's GDP, ADP & FOMC tomorrow, and all of these reports are market movers. Those planning on holding positions through Wednesday's premarket session would be wise to think about the risk a few times.
So far the sentiment underlying the markets is still quite bullish despite the choppy environment. Google, Apple & Facebook are making significant moves higher thus far in the session and we'll see if they continue on their current path by the end of the day. Financials are continuing to act very stale and the lack of movement is more indicative of a future market rally than a sell-off. What we're seeing today as we go into the afternoon hours, is a lack of selling pressure across all sectors when the indexes push lower.
Many people are speculating on the possibility of the FED putting forth a plan to slow down the current QE programs. The reaction is expected to be negative if that is the case but putting on a position prior to these announcements is not going to be easy. News algorithms will be pushing the indexes both ways and deciphering the correct direction will take time.
Big moves for the day here was this Apple (AAPL) & Google (GOOG) long which we will try to showcase later on tonight.
Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours.
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