Most people find it boring and tedious to watch the stock market all day, and I understand that, but consider today, Friday, September 19th.
First, it is a Friday, always the most unpredictable day of the week.
Second, Scotland wisely voted to remain in the United Kingdom, saving the pound from dropping and saving the dollar from spiking up too much, hurting our exporters. That should produce a relief rally!
Third, it is a triple-witching day, when futures, forwards, and options all reset. This can sometimes produce unpredictable volatility.
Fourth, it is the day that Chinese giant Alibaba goes public. As an extremely hot IPO, the animal spirits or dollar-lust will be hot and heavy on the NYSE floor today. Remember Facebook's IPO? This usually creates a rally -- another plus!
It is not a good day to enter trades. It is a good day to lean back and enjoy the show.
First, it is a Friday, always the most unpredictable day of the week.
Second, Scotland wisely voted to remain in the United Kingdom, saving the pound from dropping and saving the dollar from spiking up too much, hurting our exporters. That should produce a relief rally!
Third, it is a triple-witching day, when futures, forwards, and options all reset. This can sometimes produce unpredictable volatility.
Fourth, it is the day that Chinese giant Alibaba goes public. As an extremely hot IPO, the animal spirits or dollar-lust will be hot and heavy on the NYSE floor today. Remember Facebook's IPO? This usually creates a rally -- another plus!
It is not a good day to enter trades. It is a good day to lean back and enjoy the show.
