Monday, March 15, 2010

Tired Tape?

... or just a little consolidation before they make another run of it up or run it down? I don't know about the rest of you, but these daylight savings time flips never get easier, and the tape felt like it had the effects of it today as well. The financial reform announcement was met with a yawn, as was the rest of today's data- so as the old saying goes.. the news does not matter (at least for today.) But the charts do, and we’ll get to those in a sec. The Dow is still showing a non-confirmation, so we wait and see. If there’s a target in mind for OPEX, it might be a long, tedious path to get there this week, so if you’re not up to watching paint dry, it’s never wrong to take a profit when it presents itself. Personally, my stance is neutral here and I'm trading lightly and nimble (for now.)

Tomorrow’s Economic Data includes: Before the Bell- ISCS-Goldman Store Sales, Housing Starts, Import/Export Prices and the Redbook. At 11:30 is a 4 Wk Bill Auction, and of course.. your favorite and mine, the FOMC announcement at 2:15.

Beyond all of that: here is an article on trading the Fed announcement for FX traders, but it’s worth a read for all traders. Good luck with your positions if you decide to not opt to SOH.

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Good trading to our FX traders tonight… and a good night’s rest for

the rest of us as we adjust to the time change. Zzzzzzzzzz

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