Bears, Putin and Know-It-Alls
- Posted by Greg Harmon
- on March 2nd, 2014
As you work through your preparations for the open Monday the level of pompousness is elevating. Yes Putin is riding a bear into the Ukraine on his two week break between hosting the Olympics and the Paralympics and there is outrage. At least here in America. That is clear from our President asking him to stop, just before leaving for happy hour Friday. It is times like these when traders become more certain and pompous know-it-alls. But nobody knows what will happen in the markets as a reaction to this. Nobody. The prevailing view is that it will gap down the futures and bring a lower open. That might be. Those that profess it have been right every time before I guess. But this move was not totally unseen. Remember when everyone knew that the hard move lower on Friday was from the invasion? A 20 handle dip on the S&P 500 was bought just as hard. And the news after hours created a meh reaction until the afterhours close maybe 3 handles lower. Traders only give a crap between 9:30 and 4:00pm I guess. All you can do is create your plan and prepare. Be ready. Do not be biased.
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Gregory W. Harmon CMT, CFA, has traded in the Securities markets since 1986. He has held senior positions including Head of Global Trading, Head of Product Development, Head of Strategy and Director of Equity. (More)
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