I woke up early today to have some blood work done, and I figured that was a good enough reason not to do a video last night, in case there were any overnight events that moved us ahead of the 10AM speech by Ben Bernanke at the Jackson Hole symposium.
I had been looking for buying ahead of the meeting, but expected it yesterday, which never materialized. After the way we sold off the last 30 minutes I was watching for a nice gap down to the 1390s (basis the S&P Futures) for a buying op, but instead we gaped up pretty nicely today as there was buying in the Euro as well as the index futures in the early morning. I tried a short, but scratched it, and now I'm now waiting for 10AM to see how the market reacts to whatever comes out of Bernanke's mouth.
My plan for the day is to stay small, because the one thing I hate most is digging a hole on a day that there will likely not be an opportunity to get out of. Remember, risk first.
There will likely be some volatility off the speech, but it probably won't last long, and we should deaden up ahead of the long weekend, so it can get even more choppy and light than what we have been seeing as of late.If it does that I'll be packing up for the long weekend. If I stick around, I'll throw commentary up on twitter, so follow me there @tinyreal
Sign up for FREE to http://stockmarkettrendsx.com and get on my list to receive the Market Autopsy video this wekend.
Have a great Labor day!