Summer Mondays, Who Wants ‘Em?
Suntans, weekend recaps and a very light trade across the equity complex are the highlights for a horrifically slow Monday morning.
The institutions are quiet, and the overall session is being dominated by locals. This usually means a lack of liquidity and choppy direction. After speaking with a number of trading desks this morning, it appears as though everyone is waiting for Thursday’s ECI release before making any large directional bets.
For the rest of the session, I am looking for a back and forth, choppy trade. If we get any action it should occur below 1487. If this level is taken out, I would go with it and look for 1479. If we continue to trade higher, I think it will just grind in a very slow manner. Now that I have said all this, let me give you my play of the day — go to the golf course.