Yesterday the Fed made a cut to the Federal Funds rate by 25 basis points. This brings the rate down to 2%. As usual the statement from the Fed was long winded and the markets took some time to try and decide what to do. So at 2:15 the markets rocketed up and down with some wild swings that are always fun to watch. Finally they decided to take them down for the session.
The futures are currently trading up at the moment but we are almost 2 hours from open this morning. So things may change in that time. The Q's are currently trading up slightly in light pre-market volume.
S&P 500 (JUN) +3.00
| Nasdaq (JUN) +3.75 | Dow (JUN) +31
My plan is to stay out of the markets for the rest of the week and come back to it on Monday or Tuesday. I have two reasons for staying away, first we are doing an office move this week and I will not have time to watch the markets. It is never a good idea to have a trade on when you can't act when you need to. Second, at this time I don't have a good indication of where we are heading on the short term. It looks like we may still have some downside in the short term but there is some powerful momentum to the upside as well. I still think we will see $50 on the Q's in the next couple of weeks, but beyond that I don't have an indication of the long term direction.
The futures are currently trading up at the moment but we are almost 2 hours from open this morning. So things may change in that time. The Q's are currently trading up slightly in light pre-market volume.
S&P 500 (JUN) +3.00
| Nasdaq (JUN) +3.75 | Dow (JUN) +31 My plan is to stay out of the markets for the rest of the week and come back to it on Monday or Tuesday. I have two reasons for staying away, first we are doing an office move this week and I will not have time to watch the markets. It is never a good idea to have a trade on when you can't act when you need to. Second, at this time I don't have a good indication of where we are heading on the short term. It looks like we may still have some downside in the short term but there is some powerful momentum to the upside as well. I still think we will see $50 on the Q's in the next couple of weeks, but beyond that I don't have an indication of the long term direction.
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