I was expecting a potential bounce on Tuesday but the S&P futures were -9 early Monday night.
More worries surfaced from several areas in Chinese economics and over the austerity impact in Europe. Despite starting off -9 points in the red the futures have recovered to positive territory by 3:AM. Which is the real move? The -9 points or the +10 point rebound to positive territory.
I was planning on adding some plays this week and I had hoped for a washout plunge in the markets on Tuesday. If we start higher we may not get that cathartic washout that could lead to an earnings rally.
We have been positive several times over the last couple weeks but ended with losses for the day. At this point I am going to wait until Tuesday night to make the new play decision.
There is no rush to race into the market. I would rather be patient and pick our targets than impulsive and race headlong into disaster.
No Open Positions