Mid Day Trading Update – Do We Care About Japan?

Of course we care about our fellow man so don’t let the title mislead you. We are hinting towards the news that came out of Japan which pushed the U.S. equities markets down significantly from yesterday’s close. Price action thus far has been pretty bullish and investors have been able to chew up a large portion of the gap down this morning. For intraday traders, however, there has been an overall lack of solid opportunities despite the range seen in the broad indexes.

Apple AAPL is one stock that has retraced back into positive territory, finding buyers after their World Developer’s Conference yesterday. It seems this stock is not down and out just yet and most traders are looking for strength over $450 before aggressively taking it long.

Some of the Financials have been hit hard today, namely Citigroup C down about 3%. Lululemon LULU has continued the weakness into the trading session from the premarket gap down and it’s clear investors are scared about the CEO stepping down.

The rest of the week will bring about necessary information for traders to gauge the sentiment of the markets. We’re still holding up but the question remains, can we push back to those all time highs? Will the markets dump out and start a new trend lower? Or will we just sit in consolidation and experience a miserable trading environment throughout the whole summer?

Stay tuned for more updates and be sure to register for our FREE WEBINAR tomorrow!