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Monday, December 17, 2007

Big Banks Results This Week Will Determine The Swing

The markets are now sitting at the edge and its a make or break week. The S&P 500 is sandwiched between the 200 MA and 20MA. The 20MA acts as a support and if the index breaks the prior swing low (1460), then we'll see more gloomy days ahead. Aside from technicals, this week is also critical as we see 3 big banks (GS, MS, BSC) announcing their earnings results and what they say about their subprime exposure, will in my opinion, largely determine the direction of swing for the year end.

Mon: NY Empire State Index
Notable earnings: ADBE

Tue: Building Permits and Housing Starts
Notable earnings: BBY, GS, HOV

Notable earnings: ACN, CMC, MS, JOYG, NKE, KMX, PAYX

GDP, Leading Indicators, Phil Fed
Notable earnings: BSC, FDX, COGN, JBL, RIMM

Personal Income, Personal Spending, Core PCE Inflation, Michigan Sentiment
Notable earnings: CC, WAG


Blogger Tony Chai said...

Hi SOT :

Wow... Temasek Holdings possible infusion of US$5B into Merrill Lynch prevented this yet-another investment banking firm from plunging on 21/12/07 due to its mortgage write-downs which might double with another $8 billion or more in Q4.

Talk about the timely arrival of a white knight!!

Wishing You & Everyone a Very Merry Christmas!!!

Yours Truly,

Tony Chai
My Options Trading Blog

11:32 PM  
Blogger Simply Options Trader said...

Hi Tony,
Yes, indeed this big guys are on X'mas shopping spree!

Merry X'mas & Happy New Year to you too!

8:15 PM  

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