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Monday, January 28, 2008

Indices Testing Resistance

Above S&P 500 showing 1360-1370 level which was previously a support now turned resistance. Technicals are pointing to the downside, at least for these 2 days prior to the Fed meeting on Wed. Tons of data coming out on the economic front and earnings reporting this week:

Mon:
New Home Sales
Notable earnings: ARG, BDK, HAL, MCD, MTH, SNDK, STLD, VMW

Tue: Durable Orders, Consumer Confidence
Notable earnings: MMM, BNI, CRS, CFC, CTX, JLL, LXK, OXY, OXPS, DOW, TRMB, X, VLO, YHOO, ZMH, WBSN

Wed: ADP employment, GDP, FOMC policy statement
Notable earnings: MO, AMZN, BHI, BOBJ, ADS, CNQR, CEG, CVD, ESLR, EXP, ITW, MRK, PHM, NVLS, SBUX, BA, UPS

Thurs: Core PCE index, Personal Income, Personal Spending, Chicago PMI
Notable earnings: AFFX, APA, BEBE, CAM, HOT, CELG, DRIV, GR, GOOG, GYI, TSO, HOLX, ICE, LLL, MA, NDAQ, UA, MBI, MEE, OI, PG, SNE, YRCW

Fri: Unemployment, ISM manufacturing index, Consumer sentiment, Construction spending
Notable earnings: ACI, CVX, CMI, XOM, GCI, TDW, EL, R, OSK

My watchlist for the week (some pending confirmation):
Bearish: RL, XLF, LIZ, ATI, KSS, SHLD
Bullish: HWAY, PPDI, ESRX

1 Comments:

Blogger Tony Chai said...

Hi :

The market is expecting at least a 50 basis point cut from the FEDS this week.

Really need to see how the market reacts to this on Wednesday.

Regards,

Tony Chai
Options Trading Blog

10:33 AM  

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