A year after Bernanke announced QE2 the market is once again waiting for the Federal Chairman's comments from Wyoming.
Stocks remain very volatile and the oversold bounce from the early August lows has failed. Will stocks bounce again? Or will we see the major averages break down into a new leg lower? We may not know the answer for another week.
The economic calendar is pretty light this week but Ben Bernanke speaks from the Jackson Hole, WY on Friday. Plus, we'll get the second look at U.S. Q2 GDP estimate on Friday. Many are expecting the GDP numbers to slip under +1%.
September is traditionally the worst month of the year for stocks. We are not in a rush to launch new long-term LEAPS positions given the current environment of uncertainty.
No new trades tonight. We are adding three new candidates to the watch list.