DTT Buzz
Exclusive Market Analysis, Alerts and Commentary from the DaytradeTeam trading staff
Thursday, May 01, 2008
Some Insight On Today's Market
The action outside of regular market hours since yesterday's close has been minimal. The Fed announced a 25 basis point to the Fed Funds target rate, as well as a 25 basis point to the discount rate. The reaction to the Feds actions was muted since the street got pretty much exactly what it expected to get.
There are still a few pieces of important data to be released this week. ISM Manufacturing and Construction Spending data are scheduled for release today at 10:00 ET. Tomorrow marks the release of Employment Situation data at 8:30 ET, and Factory Orders at 10:00 ET. It is likely that we will not see much action today, aside from a potential reaction to the ISM Mfg data. Tomorrow mornings Employment data certainly has potential to move the market, so I'll be keeping a close eye on it. That said, I really don't expect a huge reaction to employment data unless it's skewed big time.
All in all, we may see a minor lull in a market that has been extremely volatile for several months. I don't anticipate the calm period to last more than a couple days, but I do know that this market is in dire need for a little breather. I intend to lighten up on trade activity with regard to Day Trading, and really focus on finding some solid swing and options set ups if my suspicions about a very short term calming period come to fruition. What are you plans going into the weekend?
Nick Fenton
Sr. Trade Analyst
www.daytradeteam.com
There are still a few pieces of important data to be released this week. ISM Manufacturing and Construction Spending data are scheduled for release today at 10:00 ET. Tomorrow marks the release of Employment Situation data at 8:30 ET, and Factory Orders at 10:00 ET. It is likely that we will not see much action today, aside from a potential reaction to the ISM Mfg data. Tomorrow mornings Employment data certainly has potential to move the market, so I'll be keeping a close eye on it. That said, I really don't expect a huge reaction to employment data unless it's skewed big time.
All in all, we may see a minor lull in a market that has been extremely volatile for several months. I don't anticipate the calm period to last more than a couple days, but I do know that this market is in dire need for a little breather. I intend to lighten up on trade activity with regard to Day Trading, and really focus on finding some solid swing and options set ups if my suspicions about a very short term calming period come to fruition. What are you plans going into the weekend?
Nick Fenton
Sr. Trade Analyst
www.daytradeteam.com
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