Stocks were down again premarket ahead of the latest gross domestic product report, and then the market didn’t even really react when the report came out.
GDP for the second quarter came in at 1.3% versus expectations in a range of 1.2% to 1.6%, and a previous reading of 1.6%. So it came in about where expected, but it’s not a great number.
The most important thing to watch now that we have GDP is the bond market (TLT), which did spike a bit on the news, and how volatility reacts to it because…
We also have earnings — a bunch of them, so volatility should ramp up the next couple of days. .
We have Dell (DELL), Marvell (MRVL), Burlington (BURL), Zscaler (ZS), Dollar General (DG), Bed Best Buy (BBY) and more.
Here’s a pro tip in times like this: A lot of people see markets pulling back, so they start buying. That’s a big, big no-no and a big-time beginner’s mistake. You want to wait for the market to bottom out and start buying when it’s coming up strong.
The worst thing you can try to do is pick bottoms. It’s so much better to be late for the party than to buy on what you think is the bottom… and then it falls out from under you.
I’ll cover all that, my daily hitlist of longs and shorts and more in this morning’s “Premarket Must Watch” video!
Roger Scott
Roger Scott Trading
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