July 29th Watchlist
Futures are slightly lower this morning but the premarket action has been quite subdued. The economic data schedule for this week could definitely be a major influence for the broad indexes for the short-term with the FOMC minutes & GDP coming out on Wednesday. Pending Home Sales will come out at 10 AM today so be sure to watch for investor reaction.
For the past few trading sessions, the market has pulled in many bears & short traders to take action & then opened the floor up to the dip buyers to put in the squeezes. This has really made things difficult for directional traders but there have been names that have been trading well despite the choppy action. Amazon (NASDAQ: AMZN) & some of the credit card names have been extremely bullish as of late and we'll see if that trend continues into this week.
After being up over $2 million this year I went on a bit of a bad streak as we close up the month of July losing around $500K. This is not unusual for me though as bad streaks tend to happen. The market will break into a new trend soon, and I'm positive I'll be able to recoup the losses and even add a few on top. I plan to lighten up the position sizes and scalp trade just to get the confidence back.
GOOD MORNING YOUNG WORLD!
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