Good morning Traders!
It was encouraging to see the bull finally push back yesterday afternoon allowing prices to close mostly above support levels. However, I have to admit that I’m starting to become a little concerned that the bears are gaining some strength. I think the bulls had better get to work pretty soon or they will fully give control over to the bears for the short term.
Today we have the ADP report before the market opens but it would have to be a really big surprise to move the market. The big news today will be the FOMC minutes at 2 PM Eastern. I find it hard to believe that the market is in the dark on what the Fed members are thinking about with them out stumping all the time, but it is possible that the market goes into a low volume chop today as we wait for the report. After the report, we can normally expect a burst of volatility before settling into a direction.
Futures are once again suggesting a slightly bullish open but as always it would be a good idea not to chase. Lately, early pops have bee sold into so let’s give the market a little time to settle in before considering additional risk.
Have a profitable day.
Trade wisely,
Doug
Comments are closed.