Market Positive despite Negative Start

12:50pm (EST)

Futures were pointing towards a lower open to start today’s session after comments from one of the Fed’s members spooked Wall Street before the open. Things got worse when economic news started hitting the tape.

August Consumer Confidence was a disaster, coming in at 44.5 versus expectations for a print of 52.5. This is the lowest reading since April of 2009 and down from July’s print of 59.2.

The market immediately worsened as the major averages hit their session lows shortly afterwards but the bulls started buying the bottom.

The back-and-forth action comes ahead of the meeting minutes from the most recent FOMC meeting which will be released at 2pm Right Coast time. You can bet the talking heads will be spinning the comments as they look for hints about possibly implementing new monetary policies. Volatility could return in a big way either way you slice it.

As we head to press, the Dow is up 2 points to 11,541 while the S&P is flat at 1,210. The Nasdaq is higher by 9 points to 2,590. We have lots of action to cover today, including our NEW TRADES from earlier, so we gotta roll…

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Market Positive despite Negative Start

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