Thursday, August 4, 2011

Market Update

Central banks rule! If you like volatility, this is your day. At the time I type S&P futures have established a 28 point range. Folks, it is not even US cash session open yet. So we had 3 rate decisions from BOJ, BOE, & ECB, and a Yen intervention from MOF/BOJ, and are in press conference by Mr. Trichet as I type, and had a Spanish bond auction. WOW, this would mark the end of the day by far, but we have not even traded one share of US stock yet. Be ready for a wild ride today, as market gets its positioning in front of the grand daddy of all economic reports - NFP, tomorrow @ 8:30 am. Do you know which way you will go??

My view on this is - volatility almost never happens at tops. Am I calling for the bottom? I am not. But a trade opportunity on the long side has finally arrived for sure.

No comments:

Post a Comment