Wednesday
July 8, 2015
1-855-RWT-0008
Prepared by the good people at Random Walk, LLC. (and Scott)
The Fed Releases Its Minutes Again Today
POT class tonight
Will China, Puerto Rico, or Greece exist tomorrow?
Great Morning!
Closing Prices From Yesterday
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Call the office for assistance!
Today’s Number(s)
Yesterday and Today
Yesterday and Today
Yesterday
The markets opened up down a hearty 200 points on the open with the E-minis down about -28. Yesterday’s market decline on the open was more about China selling off dramatically than it was about Greece.
As for Greece…that IDIOT Tsipras promised his people that he would have a better deal in 48 hours. NEWS FLASH ā Time is up, and it is over 48 hours now. He showed up in Brussels with and empty brief case and no new plan.
Bonds had rallied higher by 2 full points (TLT) on a flight to safety with all that is going on in the world, but gave back half the gains by the end of the day.
By the end of the day the Dow closed up 93 and the SPX up 12.58. This was the largest market reversal in 4.5 years (since October 2011).
Today
Yesterday I stated in this portion of the Morning Update that the markets would be āUPā, and I went on to state that people are tired of Greece and it really can’t get much worse with people caring much more. I was right in that we did close up, but I didn’t see the shellacking the market would take on the open with the news of China’s markets falling like a rock (again).
The Fed Announces at 2:00pm the results of its last meeting. They almost will destroy the markets if they even hint at a rate hike while Greece, China and Puerto Rico are having problems. If the Fed wanted to hint at raising rates they could have gotten away with it last month, but the markets are too fragile now.
The markets will be chaotic. China is the big factor right now as their markets are in free fall. I suspect today’s run higher was more short covering than anything else. We will probably open lower, BUT any good news from China and/or Greece and we could run up SUPER FAST.
OPTION TRADERS
The VIX closed as low at 16.09. With the recent swings we should be higher, but the net change on the swings is coming up small, so one could almost justify it. We will have a higher VIX open.
POT CLASS TONIGHT
POT is held each Wednesday night at 7:00pm eastern.
Too True To Be Funny
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Attorney Stuff
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