The market has traded on both side of the ledger this morning as we head into the second half of trading. Perhaps the whippy action is due to the upcoming comments expected from Ben Bernanke tomorrow on interest rates, the economy, and quantitative easing. We will save our breath on what he might say or do or not do but as long as the Fed continues to print money and support holds, the market is going higher.
There are a few earnings plays we are eyeballing this week for possible 1 or 2-day trades and we will likely make a decision on them by Wednesday’s close. In the meantime, we have some nice pin action on a few of our current trades so let’s go check the tape.
As we head to press, the Dow is down 8 points to 14,443 while the S&P 599 is lower by 6 points to 1,545. The Nasdaq is declining 13 points to 3,2424.
We have action to take as we are closing a trade that has made us 50% in less than 2 weeks. Subscribers, check the Members Area for the updates.