DayTrading QQQ Swings (QQQ)

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Stocks notched a third month of gains in August that have largely priced in another round of easing by the Federal Reserve and policy action in Europe to address its debt crisis. In Bernanke’s much-anticipated speech, delivered two weeks before the next FOMC meeting, the Fed chief said that he would consider methods such as more quantitative easing to help the U.S. labor market. Bernanke didn’t say that any new economic-stimulus plans were in the works, but that stagnation in the labor sector was a matter of ongoing concern. The European Commission announced plans to give the European Central Bank supervisory powers over the euro-area banking sector. U.S. economic reports had factory orders in July rising the most in a year and the Reuters/University of Michigan consumer-sentiment index climbing to top market expectations. Facebook fell 5.4% to its lowest closing level of $18.06 after Bank of America/Merrill Lynch cut his price target on Facebook’s stock to $23 a share from $35, anticipating the “risk of future selling pressure” on the stock will continue through the rest of the year and other post-IPO lockup expirations occur. Jobs data and a European Central Bank meeting will dominate next week as investors return to a market. Also, construction spending, ISM manufacturing and services data, along with productivity data are all on deck. Tech companies will also fall under investor scrutiny with anticipated new phones from Google’s Motorola Mobility and new devices from Amazon.com in advance of Apple’s new iPhone, which is expected to drop Sept. 12. Additionally, on Tuesday, General Motors, Ford Motor and other car makers will be reporting U.S. August light-vehicle sales. Implied volatility inched lower on moderate trading volumes.
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