Today's Trading Plan: Crazy Bullish Market Move Take Two
January 2, 2013 - 9:02am
Pre-market update (updated 9am eastern):
Europe is trading 2.5% higher.
Asian markets traded 1.6% higher.
US futures are trading significantly higher nearly 2% above the previous close.
Economic reports due out (all times are eastern): ICSC-Goldman Store Sales (7:45am), Redbook (8am), PMI Manufacturing Index (8:58am), Construction Spending (10am), ISM Manufacturing Index (10am), FOMC Minutes (2pm)
Technical Outlook (SPX):
Congress passed through both houses an agreement to avert the fiscal cliff and as a result, futures are rocketing the highest we've seen in a very, very long time.
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The last three years we've seen the first day of the trading year open up by 22 points, 9 points, and 11 points. Of those three times, only once did we finish lower (2010).
Needless to say, there has a undercurrent of buy support at the initial open...Continue reading this article »