It was a light report morning after Google and IBM has solid earnings after the bell yesterday. Expectations were for low volatility until I learned of a debt ceiling vote scheduled in the House for around 12pm EST to 1pm EST today. Given the high volatility caused by the fiscal cliff negotiations at the end of last year, I really thought the debt ceiling vote would affect today’s markets. Today’s only trade opportunity came shortly before 12pm EST, right before the time window for the debt ceiling vote. A trade should be watched closely and managed quickly if the news didn’t meet expectations (i.e. the debt ceiling bill did not pass). As it turns out, my expected reaction to the debt ceiling bill was wrong… the markets didn’t even blink, however the long trade opportunity did resolve in the right direction.
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