Tuesdays have been a real gauntlet for the markets.
They tend to have a lot of data as everyone shakes the sand out of their shoes and gets back to work on Mondays. Today looks like it’s going to be a monster!
Most Asian markets took the day off with generally flat trading other than India who lost 400 points for the second day in a row, totally ruining my “Market of the Year” pick from January after a nice 45% gain! Japanese traders made a strong dollar bet and boosted export comanies with SNE leading the way.
I got a report from Joan in Holland last night who says retail sales in Europe are robust, which does make sense so stop thinking disappointing US retail sales will bother multinationals – we’re just not that big a deal anymore!
Europe is also tentative, waiting for the rash of economic data we will be hitting the world with today so we’ll just move on…
Lets not be greedy today, anything not down will be good but it’s all about the Fed this afternoon so trade at your own risk!
- Dow must hold 12,300 but needs to break (and hold) a new high at 12,362
- There is no excuse for the tranports with oil under $62 – it’s 2,650 by Friday or the Dow goes bust!
- S&P needs to break and hold 1,415 – we’ll work on 1,420 later the way things are going, under 1,410 is trouble.
- NYSE 9,100 is a MUST, 9,000 is big trouble!
- Nasdaq 2,475 will not be that impressive but is absolutely necessary for escape velocity 2,425 is trouble.
- The SOX are having the tough week I expected so far with more bad news from TXN and the IRS, let’s just hope they can hold 465.
- The Russell still needs to retake 800 at some point!
We still have that sleeping giant VIX which may be held down into expiration but I wouldn’t chance it and these indices better be pointing the right direction when it goes off!
Trade deficit is $58.9Bn, much lower than $63Bn expected (as predicted – thank you!). That’s a little bit of dollar fuel as we are “only” losing $700Bn a year at that rate vs. the…