Futures Flat as End of Quarter Beckons

US stock futures are again retreating from overnight highs and currently point to a flat open on Wall St. Yesterday a last hour sell-off took the indices into negative territory for the day, but the damage was minimal considering Monday’s sharp rise. Durable goods data disappointed, coming in at 2.2% vs 2.9% expected triggering the slight sell-off before the open today.

As the end of the quarter approaches, always beware of window dressing as fund managers reconfigure equity portfolios. There could be some tradable volatility, but after a great first quarter I would not suggest pressing the issue over these next three days.

Two banks were in the news overnight, Bank of America (BAC) and Goldman Sachs (GS). BAC is reportedly assembling an international advisory board to advise Chief Executive Brian Moynihan. GS has agreed to change its board structure in order to preserve Lloyd Blankfein’s position as Chairman. A union pension fund’s shareholders had made a proposal that would have required Blankfein to relinquish that role. Goldman will appoint a lead director, but Blankfein’s position will not be up to a vote at the firm’s annual meeting.

Disclosure: Scott Redler is long CZR, Short SPY, QQQ.

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About Scott Redler 367 Articles

Scott Redler is the Chief Strategic Officer of T3 Live. He develops all trading strategies for the service and acts as the face of T3 Live. Mr. Redler focuses on thorough preparation and discipline as a trader.

Mr. Redler has been trading equities for more than 10 years and has more recently received widespread recognition from the financial community for his insightful, pragmatic approach. He began his career as a broker and venture capitalist where he was able to facilitate relationships that led him into trading. Beginning his trading career at Broadway Trading in 1999, Mr. Redler moved on with Marc Sperling to Sperling Enterprises, LLC after establishing himself as one of the best young traders in the firm. As a manager at Sperling Enterprises, continued to trade actively while working closely with all traders in the firm to dramatically increase performance.

Mr. Redler has participated in more than 30 triathlons and one IronMan, exhibiting a work ethic that also defines his trading. His vast knowledge and meticulous attention to detail has led to regular appearances on CNBC, Fox Business, Bloomberg, and he is a regular contributor to Minyanville and Forbes’ Intelligent Investing blog. He has been quoted in the Wall Street Journal and Investor's Business Daily, among other publications.

Scott received a B.B.A. in Marketing/Finance from the State University of New York at Albany, graduating Magna Cum Laude from Albany's School of Business.

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