July 31st Watchlist

ADP came out this morning better than expected posting 200K private sector jobs added versus an expected 180K. GDP also beat expectations posting growth of 1.7%. Speculators are claiming that any positive news could hint towards FED tapering. FOMC minutes are scheduled to be released at 2 PM and that's really what everyone is waiting for.

Mastercard MA earnings are the highly of this morning's premarket activity and the stock is through all time highs up over 21 points.

Be ready for a choppy environment today, with the indexes spiking back and forth without any advance notice. The strategy intraday options traders should take is one of a scalping nature. This means you focus on booking your profits and losses very quickly in anticipation of reversals in the broad market. Don't get too biased to one side, especially prior to the FOMC release because that bias will surely get you killed. Keep your position size light until after the announcements and for goodness sake try not to hold positions INTO the release. Once the news algorithms pick apart all the keywords, the market might be handles against you before you have a chance to react.

Moral of the story today guys, don't be stupid…

GOOD MORNING YOUNG WORLD!