Good Evening,
We ended up flat in the SPX - both today and this week. The range is 1675 to 1700 and with the intensity of the buyers, it seems the upside BIG pop is just days away. This is a technical analysts dream. Buyers step in and support prices next to their highs and usually there is only one way to go! Lots of economic data to contend with though next week. Will it matter is the question. Meaning, even if it comes in better or worse than expected, what are the chances that it deters the equity markets from moving higher?
Highlights:
**BOJ and RBA speakers
**Advance GDP, CHPM and FOMC statment
**GBP and EUR rate announcements
**Unemployment Claims and ISM Manufacturing
**USD employment report
Obviously the biggies are the Fed - I say no chance they say anything different in this statement . Which should be another positive for the markets. You also have the USD employment report. I think we see +175k
Finally, ECB and GBP. Are they going to say anything different from what the Fed has to say? If they do, that brings fireworks for the forex traders. This week was a very, very , very flat, small range week. We are talking about 5 day trading ranges of less than 1 penny (100 pips). The biggest range came from the strong NZD.
Next week should open up those ranges.
Technically, the USO chart ran into resistance. Are there option strategies you can use to protect your oil holdings?
Happy Trading and Be Environmentally Cool
Coach Brian
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