What To Watch Today
Will today be the day to
shake the market out of its’ trading range? Perhaps, but with it
widely expected that the FOMC will leave rates unchanged, it will be the
comments immediately following the decision that will keep traders glued to the
TV. As we all know ever since the last rate cut, the market (bond) has reacted
quite negatively to the perceived change of heart the Fed has towards the
current deflation/inflation debate. Is this the cause of the trading range?Â
Perhaps, but it is not real important whether it is or isn’t.
Volume remains light, just barely cracking the 1
billion share mark on the NYSE yesterday. Face it, The Street is cramming in
last minute vacations, action will remain subdued until Labor Day. If history
is any guide, as well as the dynamics developing, the Fall should prove to be a
robust time for traders.
| Intraday Setups |
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| Stock | Action | Â | Â | Â | |
| PHM | Short | Â | Â | Â | |
| COF | Long | Â | Â | Â | |
* for specific entries and exit strategies for these stocks,
click here.
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| Support/Resistance Numbers for S&P and Nasdaq Futures |
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As always, feel free to send me your comments and
questions.