The Daily Dose of Trading Comments

They early economic news did nothing to bullish bent the futures have to start the day. We essentially are back within a stones throw of the highs of yesterday pre-opening. With the Fed, month end and quarter end window dressing, some more eco news tomorrow and a long 4th of July holiday, there's enough cross currents to snag anyone sporting a very short term view. As a result, I plan to be very inactive today. I'll look for a trade in the futures intraday if presented but I intend to stay mostly short and wait for this to play out.

The real risk is that the current resistance levels do not hold and we see the market move higher to test the final set of resistance numbers. I do not prefer this scenario although I have contingency plans if it occurs which is, of course, to look to make additional short sales. I'd rather not visit that contingency however and will likely look to take some of the sting out of the move with a purchase of the futures as a hedge if we begin to break higher.

My take this morning is a run up this morning then the drift in front of the Fed. Likely not very playable. I'll be on the road later this morning and busy elsewhere right up into the Fed announcement so don't expect a lot of comments before the Fed announcement.