The shortened holiday week was not short of surprises. With the news about Dubai World’s asset woes, downward revision to 3rd quarter GDP, rise in new home sales, and a slew of other economic data, left the markets slightly lower on the week. We have been chopping between the 1114 and 1085 level on the S&P500 and a break outside of these levels will be key in the week ahead. The chop has produced two inverted hammers on the weekly…
In the week ahead look for these news announcements to act as potential market movers… • Mon: Chicago PMI 9:45 AM ET• Tues: Motor Vehicle Sales • Tues: ISM Manufacturing Index 10:00 AM ET • Tues: Pending Home Sales Index 10:00 AM ET • Weds: ADP Employment Report 8:15 AM ET • Weds: EIA Petroleum Status Report 10:30 AM ET • Thurs: Jobless Claims 8:30 AM ET • Thurs: Productivity and Costs 8:30 AM ET • Thurs: ISM Non-Manufacturing Index…
With the Russell acting relatively weak to the rest of the indices it only makes sense to look towards small caps for stocks to short. While the Dow has been the strongest of the top line figures, it is only made up of 30 stocks which are not necessarily the most trade friendly. Over the next few weeks we will continue to look at the “typical” holiday names like AMZN, AAPL, BBY, GOOG, JWM, and UPS.
For those interested in a detailed description of how to setup market internals for the thinkorswim platform click here. The Shadowtrader has put together a great video, no need for me to recreate it.