MomentumOptionsTrading.com Midday Update for 7/2/2014
Yellen Speaks, Market Listening
The bulls couldn’t wait on Janet Yellen to speak as they pushed prior highs on the open but have paused to listen as she updates the Fed’s monetary policies.
Some of the enthusiasm came after a better-than-expected ADP Employment number but both the bulls and bears will likely play it safe until tomorrow’s Nonfarm Payrolls report.
In other words, today’s tight action is pointing towards a trading range and lackluster movement into the close.
The Dow is up 8 points to 16,964 while the S&P 500 is higher by a point to 1,974. The Nasdaq is gaining 2 points to 4,461 and the Russell 2000 is down a point to 1,204.
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