BMO Commentary

Go through the Morning Checklist to see how the Markets are currently doing and what Economic Events may affect the Markets today.

0730.ET
Far East Markets are Down Big .. European and US Markets/Futures are Up slightly.
QQQQ/SPY are currently Trading at 41.51 / 104.80
QQQQ Resistance is at 41.90, then 42.20-42.30, then 42.50, then 42.70
QQQQ Support is at 40.7x – 40.6x, then 40.3x

There are Big Economic Events out this morning starting at 0830.ET . . so be careful!

My Trading Plan for today is shaping up just as I Posted last night in my AMC Commentary . . . the only thing that will change it are the Big Economic Events due out this morning at 0830.ET

AMC Commentary

The Market Bounced today as I predicted last night . . .

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BMO Commentary

Go through the Morning Checklist to see how the Markets are currently doing and what Economic Events may affect the Markets today.

0735.ET
World Markets are mixed and US Markets/Futures are slightly Up.
QQQQ/SPY are currently Trading at 43.50 / 109.67
QQQQ Resistance and Support: use the values shown in the S&R boxes on the Annotated Charts I posted in my AMC Commentary last night and before.

Check out the Economic Events due out today . . . there is only the Existing Home Sales at 1000.ET along with some Fed speaking .. esp. Bernanke at 0830.ET.

The Plan is the same as it has been most of this week: watch the 43.00 lower boundary area . . . . should that fall, expect some further weakness today . . . allow for some Trading Down to the 42.95 area before getting too Bearish . . . and remember, if you miss the first Drop Down, there will be a rebound and test afterward to enter on.

AMC Commentary

oh yes! . . it was a great! Trading day for me  . . . . I didn’t really even watch QQQQ much today . . . I traded Microsoft (MSFT) by Selling the News! … Microsoft Released their Quarterly Earnings this morning BMO and beat expectations, but came in with lower Revenue than last year . . this piqued my interest as that told me that the EPS numbers were probably inflated by accounting, but lower Revenue indicated the reality was not great . . . and then their guidance left little to be admired . . . and I saw BMO that they were Up 10%! . . . so here is how I Traded Microsoft (MSFT) today:

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