Tired Of Gapping Up?
Despite the positive news from Microsoft
regarding their earnings it appears as though the market has grown tired of
gapping higher. That is a good thing from a trader’s perspective. These gap up
openings, as witnessed on Tuesday and Thursday, make for pretty dull trading
after the first half-hour or so. Perhaps the slight weakness in the futures will
gives us traders a little volatility before we head into the weekend.
If you start to see one-minute charts of the S&P futures that look like
this, head for the exits, or at the very least do not trade. It is options
expiration and many times that can create price action that is a bit odd.
A 3Â point range for
the whole hour. Man, this is ugly and not tradable. Stay away when you see this.
| Intraday Setups |
|
|
|
|
| Stock | Action |
| ITW | Short |
| CAKE | Long |
| TRB | Long |
| WLP | Long |
Key Technical
Numbers (futures):
S&Ps |
Nasdaq |
| 905 | 972.50 |
| 893-895 | 963 |
| *889* | *952* |
| 877-79 | 941 |
| 871 | 938.50 |
| *865* | *932* |
| 855 | 922 |
| 847 | |
| *842* |
* indicates a level which we feel is more significant
As always, feel free to send me your comments and
questions. See you in TradersWire.