Mid Day Trading Update – The Tuesday Winning Streak Breaks?
Indexes were squarely in the green this morning but have turned sour as we move into the afternoon hours. Most major newswires are all citing the fact that for the last 20 or some odd Tuesdays, the market has been in positive territory. Unfortunately, for many traders we're looking at quite a choppy session that's confusing any and all directional biases. We're looking at a mixed bag across all sectors today as well.
For the folks here at Sanglucci.com, Netflix (NASDAQ: NFLX) was really one of the only decent movers with a trading range big enough to make some cash. The moves in the SPY though are making it incredibly difficult to hold on to anything for the follow through. We also heard rumors today of a possible break-up of Las Vegas Sands (NYSE: LVS) and a move towards opening a REIT. The stock did rally off the news but the volatility has come out quickly. We'll have to keep an eye on her for the month to see if any new developments come out. Most of the banks have recovered nicely from yesterday's sell-off and are holding up well here as the indexes chop around positive to negative territory.
I wouldn't attempt any aggressive long or short trades because changes are they'll chop you out soon after you collect your position. I messed around shorting puts on Apple but honestly would gotten shaken out 9 more times had I chose to keep re-entering that's how bad this tape is.
Stay tuned for more updates!
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