Mid Day Trading Update – The Bounce
Markets have turned sharply higher to begin this shortened Memorial Day week. SPY almost $168 at the highs of the morning session but have since given up a significant portion of the intraday gains.
Unfortunately, most of the intraday moves have taken place in the overnight session with select names putting in further moves off the open. Google (NASDAQ: GOOG) & Priceline (NASDAQ: PCLN) have put in quite the range today, taking back some of the losses they experienced last week. Netflix (NASDAQ: NFLX) was the real mover of the day, putting in close to a 15 point move down from the highs of the session. You have to appreciate the fact that they chose today, when the DOW was up 200 points, to flush this name out.
Gold and Silver have also went back into positive territory after the gap down this morning. The Treasuries (NYSE: TLT) have been very interesting to watch as of late. They've given back all the gains from the sell off in equities last week which could possibly hint towards fresh all time highs for the markets going forward.
My instinct tells me we're in for a gruesome week as far as intraday trades go and newbie traders would be wise to start practicing how to sit on their hands or simply not trade. The DOW could be up and down 100′s of points every single day as investors try to figure out how to position themselves for the upcoming Summer.
Stay tuned for more updates!
The following article is from one of our external contributors. It does not represent the opinion of Benzinga and has not been edited.