The bulls, and bears, are taking a small breather today following 2 days of incredible volatility and major price swings.
Economic news has capped the action to the upside as the ADP Employment Change report revealed private payrolls rose 139,000 in February. Analysts were expecting 155,000.
The ISM Non-manufacturing report also came in weaker-than-expected as the index fell to 51.6 in February, down from 54.0 in January.
The Fed’s Beige Book report is due out at 2:00pm (EST) and will likely set the tone for the close.
Despite the flat action, we have were able to lock-in profits of 100% on one of our current trades as we closed half of the call options on a stock that has been surging this week. Shares have zoomed 15% for the week and jumped another 3% on this morning’s open and where we cashed out half.
We are still looking for further gains from the powerful moves shares are making but we wanted to make sure we walked away with a profit as the options expire in a little over 2 weeks and they are still, technically, “out-of-the-money”.
We also have a New Trade we are getting into after locking in gains as there. Is another stock we are watching that could make similar types moves.
The Dow is down 34 points to 16,361 while the S&P 500 is up a point to 1,874. The Nasdaq is gaining 2 points to 4,354 and the Russell 2000 is lower by 4 points to 1,204.
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