Alright folks, things were pretty quiet around here yesterday due mainly to me being a bit sidetracked by the selling action we got in the markets, and also by the fact that I am working on building a new trading computer (amazing how much money you can save by building it on your own) that once it is up and running by late next week, will give me an unbelievable amount of flexibility and capability to do so much more research, analysis, trade setups and random thoughts for SharePlanner. So be ready for the information flow to compound probably 3x the normal amount you see here once I get the new computer up and running along with the software changes to it that I will be making as well.
On another note, GDP was less than impressive coming at below expectations (2.7% versus 3% expected). Surprisingly the market hasn’t moved much since the announcement, and is looking at a near flat start.
Banks are on a bit of a rally this morning after reaching an agreement on financial overhaul. I’m sure something called the “
Dumb & Dummber Dodd-Frank Bill” is definitely going to make all our lives sooooooo much better. In fact, every time I hear of a bill of any type being passed by Congress, I just automatically assume that another piece of my personal freedom is taken away.
Don’t forget too, that we have Consumer Sentiment at 9:55am.
Here are Today’s Trade Setups.
LONG: Quanex Corp (NX)
SHORT: CF Industries (CF)