Pre Market - August 7th 2007

The only thing everyone is thinking about today is the FOMC meeting and what they decide to say and/or do. At 2:15pm the markets will go to a 5 alarm fire. Will it be a sell off or a buying frenzy will not be known until we see the FOMC statement.

RebelTrader watch list news:

ENG reported earnings this morning and the news was good. ENG reported Q2 earnings of $0.15 per share which is 2 cents better than expected. Revenues rose 19.3% year over year. ENG is on my watch list as the technicals were showing a good play in the making. Watch to see if the buy point is reached today and if so I will be adding ENG to a swing trade slot. IF your new to RebelTraders you must keep in mind that you never put all your capital into any one trade. You divide your capital into pieces and use only one piece on each trade. This limits your downside risk and the purpose is to preserve capital. A successful trader controls risk first, makes money second. See this previous post for guidelines on portfolio management. Click HERE.

RebelTrader swing trade watch list play EXLS is also looking good and is still setting up for a move.

Pre market futures is jumping around from positive to negative. Not really worth putting much faith in the futures here. Will be a slow day until the FOMC announcement.