8/10/2010 gameplan | Bulls on Wall Street

8/10/2010 gameplan

 
 
 
 
Market has been looking bullish of late. only couple red flags were teh overbought nature of the market and the stall. seemed that market was having trouble getting past 113 mark (1130 on spx)
 
today we are gapping down hard on overseas weakness along with some quesy traders in regards to the fed statement.  this fed day is a no win situation. If the fed hints to purchases on the open market and the beginning of quantitative easing part 2 the stock market will have a shot at a very hard pop in celebration of additional stimulative measures.  But over the course of the long the market runs on earnings and economy and that would be a huge sign that the Fed sees the recovery as stalled and a double dip to be a given. So either way its a tough situation. Regardless trying to game what the market will do from the fed statement is tough. Its best to just wait for the reaction.  Will trade light in the morning and be patient.
 
careful today…..
 
only see a few setups worth taking
 
 
 
 somx really needs to bust thrugh 4.00-4.11 range and hold at the close to have a chance but its getting ready for it
 
 
 

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