Today's Trading Plan: Adding To Yesterday's Weakness
January 29, 2013 - 10:04am
Pre-market update (updated 8:30am eastern):
European markets are trading flat/mixed.
Asian markets traded 0.5% higher. .
US futures are trading moderately lower ahead of the opening bell.
Economic reports due out (all times are eastern): ICSC-Goldman Store Sales (7:45am), Redbook (8:55am), S&P Case Shiller HPI (9am), Consumer Confidence (10am), State Street Investor Confidence Index (10am)
Technical Outlook (SPX):
The SPX finished its run in positive territory yesterday at eight straight days, though it came pretty close to extending its streak.
Yesterday's slight pullback kept price inside of the rising upper channel.
WIth this mornings weakness, if the dip buyers fail to prop the market up, could mark the beginning of a long awaited pullback for this market.
So far, this January is the best we've seen since 1994. The best January in 19 ye...Continue reading this article »