Trading Now

Trading Now

Sunday, September 27, 2015

It will be a busy week with lots of volatility: Personal Income, Pending Home Sales and Dallas Fed Manufacturing on Monday, Redbook, Case Shiller Home Prices and Consumer Confidence on Tuesday, Chicago PMI and Crude Inventories and Yellen speaking at 2PM on Wednesday, Jobless claims, PMI Manufacturing, ISM and Construction spending on Thursday and end of month window dressing, the big Jobs numbers, Factory Orders and a slew of fed squawkers on Friday.  Should be interesting to say the least.

SPY has to get above 195 and 197.50 in order to attempt a break above 205.00.

I believe banks are key right now if JPM can get above $62.50.  An increase in rates is helpful to banks, they can earn more money on their loans.  But due to global uncertainly, and not just in China, JPM continues to support a bearish bias down to $32.

Crude is also weighing on indices, especially the SPY which is heavily weighted in energy.
If oil cannot get above $47.50 and continue upward, then a retest of the $40 level is in play, which could lead finally to the $30-20 price that traders have been concerned about all year long.

No comments:

Post a Comment


Wikinvest Wire