2:10pm (EST)
The action today has been mixed as the bulls took the early lead to push the market higher while the bears are playing catch-up. Wall Street seemed a little uneasy this morning as traders waited on a key vote in Italy’s parliament which ousted its Prime Minister. Silvio Berlusconi, who has a history of shady doings and dealings and he isn’t seen in the brightest light, failed to win an absolute majority which was really no big surprise – although he did win ratification of the budget.
The big concern for Italy will be who replaces him. It is just the latest chapter in the eurozone debt crisis which we said could dominate the headlines for the remainder of 2011.
The indexes have stayed in a tight trading range today as a result which could last into the close unless there is a final hour rally by bulls which we think is likely.
The Dow is up 11 points to 12,079 while the S&P 500 is higher by 3 points to 1,264. The Nasdaq is showing a 10 point pop and is at 2,705 which is bullish.
We are close to adding a few more new trades but we want to close some current ones out, first. We are on the verge of taking profits on a couple more names so we don’t need to push the action. For those of you who have our trading course, we will be doing a video tonight on a few trades that could make our Watch List in the next day or two.
Remember, upgrade to a 1-year membership, save money (you save 25% over the monthly rate), and get our trading course, How to Trade Options on Momentum Stocks, at no charge, along with our ongoing videos. Shipping is also on the house.
Let’s get ready for a push higher, subscribers, check the Members Area for the updates.
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