Yesterday Ben Bernanke spoke with congress and officially came out saying that the US economy could be heading into a recession.
"Our estimates are that we're slightly growing at the moment, but we think that there's a chance that for the first half as a whole there might be a slight contraction."
The markets seemed to shrug off this news and most traders I know seemed more interested in the RIMM earnings yesterday. RIMM reported better than expected earnings and is currently trading up over 2% pre-market this morning. Many traders are hopeful that this is a nice sign for tech to continue the recent climb in stock prices.
This morning the futures are trading down slightly and Q's are currently trading flat in pre-market.
S&P 500 (JUN) -2.75
| Nasdaq (JUN) -6.00 | Dow (JUN) -13
I still hold my puts on the Q's and I have a small gain. I'm going to give this trade a couple of more days to play out but plan to be out by Friday.
"Our estimates are that we're slightly growing at the moment, but we think that there's a chance that for the first half as a whole there might be a slight contraction."
The markets seemed to shrug off this news and most traders I know seemed more interested in the RIMM earnings yesterday. RIMM reported better than expected earnings and is currently trading up over 2% pre-market this morning. Many traders are hopeful that this is a nice sign for tech to continue the recent climb in stock prices.
This morning the futures are trading down slightly and Q's are currently trading flat in pre-market.
S&P 500 (JUN) -2.75
| Nasdaq (JUN) -6.00 | Dow (JUN) -13 I still hold my puts on the Q's and I have a small gain. I'm going to give this trade a couple of more days to play out but plan to be out by Friday.
Today looks to be shaping up well for those puts!
Also, thanks for sharing about the indicators. I'm always interested in how others trade.
Thanks agin.