ICE ICE BABY!
Monday, September 8, 2008 9:28Futures are way up this morning on the Govt bailout of FRE and FNM. This could be pretty huge especially as we start the beginning of the Fall. Election talk the next few months could also lead to rallying the next several sessions. Financials are back in play like JPM, C, BAC, even LEH.
What we’re watching today:
ICE - Reported rising volume in August and we like hoe it’s looking technically. It ran hard on Friday, so we may see a dip on it initially today. Wider stop on this one but we like it above 93 with a target of 107ish.
AAPL - we also like AAPL if the markets rally to potentially test 180 again.
As we said above we also think the finanicals may see some running today. Look for initial dip first.
With big news like this it’s especially important to trade smart!
Trader 1 says:
September 8th, 2008 at 11:59 AM
So much for the rally. Looks like it was big money manipulation today. We even saw manipulation as far as publishing false news. This is from briefing :
UAUA UAL Corp.: ISA publishes correction to UAUA story-Update-
Mon Sep 08, 2008 11:35AM ET
Income Securities Advisors states that “the story regarding a United Airlines bankruptcy is a mistake. An old story from December 2002 was inadvertently published today”.
OOPS, yeah right, can you say lawsuit.
Markets in tank mode today and not a ton of data this week. Be very selective on what you trade this week as it looks like even “advisory” companies are pulling out all the stops to hurt the retail investor.
Trade smart this week!