Daily Delphi

Post: Thursday - More whipsaw trade today? | Daily Delphi

BlogsPit Talk › Thursday - More whipsaw trade today? December 5, 2013, 6:50 am

TODAY'S ACTION
7:30 AM CT
Initial Claims
Forecast 335K Prior 316K
GDP Q3
Forecast 3.1% Prior 2.8%
9:00 AM CT
Factory Orders Oct
Forecast -1.0% Prior 1.7%

All of today's economic reports could play a role in how soon Big Daddy decides to begin tapering. After yesterday's whipsaw trade it's clear that everyone is looking for a definitive sign. Normally the day before nonfarm payrolls in the month of December would see a lot of traders watching from sidelines. But if yesterday's large volume of trade is any indication, traders are going to be moving the markets on today's data. Trade wisely.

WEDNESDAY RECAP

The Dec S&P settled up +.40 at 1791.80 after a volatile day of trade. The contract saw a $21 trading range on strong volume. Early in the session the ADP report showed a larger than expected gain in hiring. Good news being bad for now the data caused a better than 10 point break. No worries, later in the session the markets got some negative news from the ISM services number and rallied nearly 15 points. Traders are trying to divine when Big Daddy will call last call and it took a toll yesterday.


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