Wk6: Market Forecast

2 Feb

In the week ahead, watch for a retest of the S/P $800 level. We made an attempted rally last week which only made it to the 50% Fibonacci retracement level (using the highs from January 09). Major economic data for the week is as follows…
· Mon: Personal Income and Outlays 8:30 ET
· Mon: ISM Manufacturing Index 10:00 ET
· Fri: Employment Situation 8:30 ET

Along with these reports we have Pending Home Sales on Tuesday, Jobless Claims and Natural Gas Report Thursday. While the market doesn’t always pay as much attention to these numbers, they can still have an effect on the market. Keep an eye on Gold tracked by GLD, any pullback should be buyable as it makes its way back to $100.

If you “Always Expect the Unexpected,” then nothing should ever come as a surprise.

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