rom 1990 to 1997, Kevin Haggerty served as Senior Vice President for Equity Trading at Fidelity Capital Markets, Boston, a division of Fidelity Investments. He was responsible for all U.S. institutional Listed, OTC and Option trading in addition to all major Exchange Floor Executions. For a free trial to Kevin’s Daily Trading Report, please click here.
The market continues to grind as Washington tries to jam a pork spending bill on the country, rather than an actual stimulus package, but the "Emperor" has now lost his clothes, and the "as is bill" fraud will have to be modified so the "Socialists" are not out on the limb by themselves with a package that is doomed for failure, and will inevitably put the country deeper in a hole. BHO substituted the word "catastrophe" yesterday as opposed to the original "depression" threat if the bill didn't pass. My guess is he got it right, except that he should have said "if it does pass" it will be a catastrophe" The market is clearly waiting for most of the pork to be cut, based on how it's trading, because it already knows "they" can pass anything they want without the Republicans.
NYSE volume was 1.39 bill shs yesterday as the SPX finished at -0.8 to 832.22 and the INDU at -1.5 to 7957. The QQQQ finished at +0.1 to 29.91 and is up 3 straight days, while Tuesday was the only up day for the SPX at +1.6 to 838.51. The Techs, Medical, Bio-Tech, and selected Industrial stocks have been the key "Trading Service" focus, as they continue to trend higher relative to the choppy SPX, while the Energy stocks are always a key day trading focus because of their daily intraday volatility.
The SPX has been grinding for the last two weeks, with almost all of the price action between 852.53 - 804.30, except for the one day last week when it was +3.4 to 874.09 followed by a -5.7 decline in 3 straight days. The key swing points in play for continuation in either direction are 878 and 804. However, day traders will continue to prosper because of all the knee-jerk reactions like we had yesterday.
Short term trading is ruled by Sentiment, not Fundamentals, and the more conflicting news there is, the faster the sentiment changes, which creates multiple opportunities for day traders, but wreaks havoc with swing traders. The SPX is neither ST-O/S, or at a key price zone right now, so there is no defined high probability short term trade opportunity based on how I approach the market, but you can get a good idea of it with a free trial to the Trading Service.
Have a good trading day!
Click here to find full details on Kevin's courses including Trading with the Generals with over 20 hours of professional market strategies. And for a free trial to Kevin’s daily trading service, click here.
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