Thursday, July 21, 2011

European Debt Deal?

There is a deal in the works in EZ. No details are available yet, but as Asia was opening the rumor and later the confirmation hit. I am not sure how to react, since I saw nothing concrete. My guess they paint a picture with a 4" brush.

Gold is holding up here. Clearly, some participants may be skeptical about today's EZ debt solution. GC should sell off by a lot, if traders decide the deal is credible. We will see...

Stock futures were weak right after reports from INTC, QCOM, and EBAY. It looked like a case of buy the rumor sell the news, as all 3 reported very nice results.
But as soon as the European deal news came out, futures totally reversed and are now positive. It is hard to trade in environment like this. Keep your size smaller due to "newsy" nature of trading...

No comments:

Post a Comment