Today's Trading Plan: Don't Expect Much
January 3, 2013 - 8:56am
Pre-market update (updated 8am eastern):
Europe is trading -0.3% lower.
Asian markets traded 0.6% higher.
US futures are trading slightly lower ahead of the bell.
Economic reports due out (all times are eastern): MBA Purchase Applications (7am), Challenger Job-Cut Report (7:30am), ADP Employment Report (8:15am), Jobless Claims (8:30am), FOMC minutes (2pm)
Technical Outlook (SPX):
We saw one of the biggest days yesterday that we'll likely see this entire year, with the SPX trading 36 points higher and 64 points in the past two trading sessions.
SPX broke through descending trend-line off of September highs.
Also created a higher high in the market by breaking the previous one at 1448.
The next milestone the bulls need to achieve is in breaking through 1474 which would mark a post recovery highs.
Volume was above average yesterday .
Another barr...Continue reading this article »