July 10th Watchlist
All eyes will be on the release of the FOMC minutes today as traders/investors look to scrutinize the recent bull run-up. SPY is now over $165 without experiencing any significant pullback for over a week now. There are people vying for both outcomes here, which will surely provide for a choppy environment until we get some direction from comments regarding the state of the U.S. economy and of the current QE programs. Will the FED decide to taper sooner or will they stay on the current course until further notice? The news algorithms will surely be going to work off the release of these minutes and, as traders, we need to be able to see through the nonsense and find the perception quickly.
We’re getting into the earnings season slowly here and next week is when most of the high profile earnings reports start dropping. Watch for the Bank earnings towards the end of this week which will either confirm or disprove the bullishness we’re seeing in many of these names.
Crude Oil is becoming a concern for many analysts, citing pressures of high oil prices and the subsequent effect on consumer sentiment. Oil shot over $105/barrel over fears about Egypt and supply constraints.
I’m imagining there will be some indecision in the markets before the minutes come out later in the afternoon. This means that trading opportunities may be scarce. The prudent course of action would be to just hang out and keep position sizes quick and light.
Our next free webinar taking place Thursday evening is a must-attend for all of our followers as well as folks who don’t know much about Sang Lucci. The Young Buck is going to interview Sang Lucci on the Amazon trade for the past weeks and delve into the psychological aspects! Register now and save your spot!
GOOD MORNING YOUNG WORLD!