12:00pm (EST) (EST)
The bulls pushed resistance and the top of the trading ranges after the open this morning but zombie talk halted the momentum as the indexes have backed off their highs. We will spare you the details as there weren’t many anyway in a three-sentence statement from the House Speaker.
Economic news has been mixed as Pending Home Sales were down 1.6% versus expectations for a 1% drop for the month. Initial Claims came in better-than-expected after falling by 5,000 to 305,000. For September, Initial Claims are averaging 303,000 versus 329,000 for August.
The trend in Initial Claims is still heading lower although it simply means unemployment benefits have run out for some of those that have been getting it. Job GROWTH is still not robust and many companies are cutting back on hours but that is a story for another day.
Today’s close will be important to watch as the bulls need a positive showing and more importantly, they will need to hold support if the bears get in a rhythm.
The Dow is currently up 40 points to 15,213 while the S&P 500 is advancing 3 points to 1,695 after tripping 1,700. The Nasdaq is higher by 18 points to 3,779 and a close above 3,775 would be bullish.
We have a ton to talk about inside our Members Area as we have a number of trades in play. We have also been saying the current market environment is a stock picker’s dream and those that do their homework will be rewarded. Of course, you have us so we do all of the homework for you.
We have a trade that is up 118% in less than 24 hours as the stock we are following is up over 8% and has been a windfall for our call options. We are locking-in a third of our profits to make it nearly a risk-free trade going forward as the company announces earnings on Monday.
Subscribers, check the Members Area for more juicy profits!