GDPhriday – Taking the Economy’s Temperature Amid Investor Concerns

Wheeeeeee!!! 

So much fun to trade a volatile market.  Already this morning (7:30) we picked a quick $1,000+ trading the Futures in our Live Member Chat Room and that's always a nice way to start the day but we stopped out Gasoline (/RB) with just over $200 per contract on a 15-minute trade and Oil (/CL) contributed $110 per contract and the indexes were good for a quict $150-250 each between 7:17 and 7:34

Now we're looking for a pullback and our 7:17 entries were:

Well, we're re-testing Wednesday's lows so hopefully a  little bounce here at 24,600 (/YM), 2,650 (/ES), 6,750 (/NQ) and 1,470 (/RTY) so I'd go long the laggard here but very tight stops below.

Also /CL over the $66.50 line and /RB $1.785 are both fun longs for a Friday.

Watch the Dollar though, we don't want to see it over 96.50 and VIX under 22 would be nice too!

We've got GDP at 8:30 and last quarter was 4.2% and this quarter we'll be lucky to see 3.3% and it's likely to be downhill from here but the question is – has the drop to 3.3% been realistically priced into the market and, sadly, I don't think it has.  Certainly any print below 3% would cause a new wave of panic and over 3.5% will be relief – so that's the zone we're keeping our eye on.  

Google (GOOGL) and Amazon (AMZN) disappointed on earnings last night with AMZN dropping 10% pre-market.  Netflix (NFLX) is down too, mostly because it's got a 100x p/e ratio and people are starting to realize how stupid that is and that does not bode well for other Nasdaq high-fliers, who may actually be held
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