March 27th Watchlist
Comments from a major politician out of Italy have pushed global markets lower. That sentence itself just sounds ridiculous doesn’t it? The boy came out and said only an insane person would want to govern Italy and that the country is a mess. The indexes have made several attempts now at making all time highs but have been thwarted time and again by comments about Cyprus, Italy & Spain. Thus far, investors have used these events as buying opportunities so the underlying sentiment for U.S. equities is still quite bullish in reality. Some sectors are of course faring worse than others such as the Financials.
Most stocks are in the red this morning but that doesn’t mean we’ll continue down this path. During Monday’s session, the markets pushed lower forcefully off Cyprus fears and then the next day we went straight back to the highs of the recent range. $156.25 on the SPY seems to be an area of resistance.
For the intraday traders out there you must realize what kind of environment you are in and adjust accordingly. Cut your timeframes down as well as your trading size because holding positions overnight may not yield the outcome you’re looking for solely because of headline news.
Make sure to register for our next FREE WEBINAR tomorrow after the close where we will discuss the plight of many traders: how to become a profitable trader!
GOOD MORNING YOUNG WORLD!
The following article is from one of our external contributors. It does not represent the opinion of Benzinga and has not been edited.