Thursday, July 28, 2011

Waiting for a Reaction

Watching the $SPY for a trade. Today has definitely been tradable but I'm not doing anything. To be honest, it is getting to be that time of year where I start looking to go long and get more aggressive. But only if things line up - like last year on August 30th.

The market is very vulnerable to the debt ceiling news. We could get a sell the news reaction or a relief rally. I'm not convinced of either yet. But I think that depends on where we are in the trading range. If everyone is bearish and we are near the lows or 200dma then I'd expect a rally. If we are at the top of the range and folks are bullish, perhaps the opposite.

Watching... The market has fell a bit since today's highs. So if that persists into the close and heading into end of month, maybe I'd take a swing at a long position. Tough to watch at work today so we shall see...

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