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So “The Bernanke” took his foot off the gas today, basically said no mas to serious QE3. The market didn’t like it at all and drilled the commodity sector. Yesterday the planet read it differently, as they thought the opposite. Strange days for sure. We live in challenging times.
The “leaders” in Washington are still no where, BUT Google blew away the number and technology stocks rallied in the aftermarket. Let’s see if they start a charge in that sector and continue tonorrow. Let’s not forget that Apple reports early next week. The market may be tentatve and scared, but ot’s ;iquis as hell and the big biys are short, so anything can happen.
I think macro but try to trade micro and altjough I am the most jaded skeptic about Washington and the market that you will ever find, I still think the market goes higher by year end, not lower. The summer may be choppy, but I expect a big rally into year end.
Earnings kick into full swing next week and as always I trade at half position size. I trust Casey Anthony with my kids more than this market for more than a day or two right now, Too much headline risk. Let’s not forget Italy and Europe. The whole place is a powder keg ready to go. Just because it’s not on block letters on the front page evertday doesnt mean the problems went away.
It’s been a choppy month and the key is to stay in the game so you can monetize when the trend changes.
No names tonight. My short from the Sunday night video, MAN is breaking lower and is down about $3 from Monday’s open. IHS, mentioned short on the chatroom last week is down about $4. Watch these names, they aren’t always on the P&L.
NFLX is in trouble and is close to our stop, the stock trades with a wide range, but watch the stop.