MomentumOptionsTrading.com Midday Update for 6/12/2014
Bears Going for Second-Straight Win/ Profit Alert !!!
Futures were slightly up after midnight and remained that way ahead of the scheduled European markets opening. However, news broke shortly before 2am the “scheduled” open would be delayed for “technical issues” and I had a hard time sleeping. I talked last month about flash crashing and have warned there could be one of these types of events this year. That or a fat finger slip-up.
The overseas market was delayed by 30 minutes following the technical issues but ended the day higher.
Futures stayed steady ahead of Wall Street’s open despite Jobless Claims coming in slightly higher than expected. The number of people applying for unemployment benefits rose to 317,000 versus a forecast for 300,000.
Retail Sales for May came in slightly below the hype. The suit-and-ties were expecting a rise to 0.6% for May and were disappointed when the number of 0.3% missed expectations.
Economic news has been better-than-expected in recent weeks but these reports along with continued geopolitical tensions have traders uneasy. There are pockets of strength in this market despite the 2-day pullback and today’s action appears as though fresh support is trying to hold .
I have covered lower levels of support and tomorrow could be a telling clue how next week plays out.
The Dow is down 57 points to 16,786 while the S&P 500 is lower by 6 points to 1,937. The Nasdaq is losing 13 points to 4,318 and the Russell 2000 is slipping 3 points to 1,163.
The S&P 500 Volatility Index ($VIX, 11.77, up 0.17) has traded up to 12.33 but has simmered down a little since the open.
I have another Profit Alert for today so let’s get inside the Members Area.