Ok - since the numbers are out the market reacted - or did it? GDP numbers released and we are pretty much right where we left off yesterday at the close. Nothing has changed, yes we did drop 10 points after numbers were released but futures have edged up slightly all night.
So what does it mean for us? To be honest - not quite sure. Smart money has decided to take some off the table pre-market, lets see what we do during cash hours.
At this point its anyone's game, the market may have looked for an excuse to initiate profit taking and this was it. Low volume here even pre-market for such an important event makes me think that we will retrace slightly and then for the 1000 range during the month of august.
I am getting my forex account funded today so I can finally trade markets that suit my technical stype a bit better. Expect a review of the forex market from me in a few weeks time to share my experiences. I have been playing quite a bit with it recently so we will have to see =)
http://www.bloomberg.com/apps/news?pid=20601087&sid=aNivTjr852TI
ReplyDeleteLong time no post :)
dingdong, its been a while. Glad seeing you still around =)
ReplyDeleteamazing day. Look at the dollar. I mean wow, and now look at markets. We should be up 2-3% with that drop in the dollar but here we are letting the big boys sell and the computers pick it back up at the VWAP.
ReplyDeleteQuite amazing witnessing moves like this. If you take this as a net total, we are down around 2% today, but that would not look very nice on a day the GDP numbers got released.
Thank god I have no piece of this here.
correction, a day when the govt released much better then expected GDP numbers (yet to be adjusted in the coming weeks).
ReplyDeleteCNBC would have a really hard time explaining to the public why we are down 2% on a day with such good news. So push up futures overnight to build the buffer to keep the GAP, let smart money sell off pre-market, then bring in the herd to buy it up and slowly throughout the day sell as the valuation drops significantly but to the untrained eye we are invalidating the bear case - no shooting star, no island reversal.
so chris, what does it look like here? still holding short. may be that is why the top has not taken place.
ReplyDeletehah no I covered on Tuesday. No position at the moment but have to really hold back here to go short into the close.
ReplyDeleteI meant I am still holding the shorts. Hope to get out around august 5. and/or around 950. what sad state for the bears here. And then we will watch the darn thing go down like crazy.
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