Mid Day Trading Update – FED Saves The Day
After the monster gap up on the indexes this morning, the price action has been somewhat subdued. The underlying sentiment, however, is still quite bullish despite all the talks about an impending pullback. Most sectors are in the green today with a highlight on the Tech/Internet names like Amazon (NASDAQ: AMZN), Google (NASDAQ: GOOG) & Priceline (NASDAQ: PCLN).
Financials pulled back this morning and the intraday charts look like a whole lot of posturing before the earnings start trickling in the next few trading days. Wells Fargo (NYSE: WFC) and Bank of America (NYSE: BAC) are first up tomorrow so be sure to watch for trader reaction during the premarkets.
The high flyers continue to pay long bias traders out today and comments from Bernanke regarding the future of QE did much to stimulate this bullish activity. We are now pretty close to all time highs for the broad indexes and so far the price action is not hinting towards any significant pullback. However, these things can happen at the most unlikeliest of times so watch out for signs of people taking profits. Until then, the object is to dip buy.
Make sure to register for today’s webinar after the close where Sang Lucci gets a real-time interview over the Amazon trade which took place last week!
Stay tuned for further updates!
The following article is from one of our external contributors. It does not represent the opinion of Benzinga and has not been edited.