Today's Trading Plan: Dip Buying Gets More Aggressive

From SharePlanner
January 16, 2013 - 9:42am

Pre-market update (updated 8:30am eastern): European markets are trading -0.4% lower. Asian markets traded mixed and -1.0% lower.  US futures are trading slightly lower ahead of the opening bell..  Economic reports due out (all times are eastern): MBA Purchase Applications (7am), Consumer Price Index (8:30am), Treasury International Capital (9am), Industrial Production (9:15am), Housing Market Index (10am), EIA Petroleum Status Report (10:30am), Beige Book (2pm) Technical Outlook (SPX): Another similar day to the prior two days where price opened lower, sold-off, popped, consolidated and rallied into the close.  Chalk up yesterday to another positive day of consolidation with long candle shadows underneath.  This suggests that the dip-buying continues to get more and more aggressive.  SPX has managed to trade at the highs while the Nasdaq has pulled back....

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