Wall Street is looking lower early this morning as investors reassessed a market rally a day after stocks posted their biggest gains in five months. A pullback is expected and I will be watching to see if we pullback a small amount and trade sideways or if after the first 15 minutes we reverse and continue higher. With little economic data to go on today, investors will again be looking to Washington for direction. The Federal Reserve’s chairman and the secretary of the treasury are making a rare joint appearance at a congressional hearing to testify over bonuses at American International Group Inc. (Playing Circus Music) I am thinking today will be a rest day for the markets. Stocks very rarely move in straight line up or down. For bullishly inclined traders, prudent risk taking will be rewarded, but blindly chasing extended stocks will be a recipe for disaster. Stay Nimble!!
0
