Mid Day Trading Update – No Fun On Fridays Anymore?
From what I remember, Friday's used to be a lot more fun in terms of the alpha opportunities out there. Recently, that hasn't really been the case and today is no exception. The indexes went dead after serious chop activity off the open.
Bank of America (NYSE: BAC) is really showing her true colors today, pushing higher when nobody is really putting on trades on in the Financial sector due to the inactivity after the JP Morgan (NYSE: JPM) & Wells Fargo (NYSE: WFC) earnings' calls. Remember, the banks didn't really rally on this recent run-up in the indexes so if they're going to join the party now then it's too early to call for the top in the broad markets.
Overall it's looking like a mixed bag across all of our large-cap sectors and buying a call or a put option will most likely yield in depleting premiums as we head into the close. The underlying sentiment here is still bullish though and short traders are continually getting squeezed out of their positions.
Boeing (NYSE: BA) is an interesting stock to watch after news surfaced about a fire on one of their planes. The stock tanked over 8 points off the news and is still looking pretty weak.
Also, Fitch just downgraded France and the headline news algos were able to push the indexes down a few handles. I don't think the weakness will last though because who really cares about Fitch & S&P ratings anymore???
Stay tuned for more updates!
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