Market commentary for March 12, 2007
Friday closed with a mix on the broader indexes. The Nasdaq red with the S&P 500 and Dow green. The week closed green across the broader markets. It was still a narrow range week, which held support off the prior weeks big drop. Crude closed lower on Friday to ease some worries down $1.59 at $60.05. Gold closed down $3.50 at $652.00.
The week ahead is quadruple witching week. Plenty of economic data and a few notable earnings from the brokers to help with volatility. The following week we have a two day Fed meeting which will be lurking this week in the markets mind (March 20 and 21).
Going into Monday we have some problems with the Nasdaq lagging on Friday. But overall the action is still looking like upside will try to deliver. We will need to be cautious but I am more bullish right now than bearish with the weeks ability to hold its ground. Usually quadruple witching delivers several reversal days, a trend day and a few narrow range days. With mid week being more active than Monday or Friday. So keep that in mind as we open on Monday and Monday is also the weakest day for economic news to be released. The market maybe somewhat slow and waiting to see what Goldman has to say Tuesday morning. Thursday and Friday have the biggest data this week.
With this being expiration week we maybe able to pick up some options pretty inexpensively and take advantage of the volatility. Financials will be setting up for movement and retails stocks. So we’ll likely target those sectors.
Economic Data for the Week of March 12 – 16 Monday 12:45 Fed Governor Kroszner Speaks, 02:00 Treasury Budget, Tuesday 08:30 Retail Sales, 08:30 Retail Sales ex-auto, 08:45 Treasury Paulson hosts capital mkts conference, 10:00 Business Inventories, Wednesday 08:30 Current Accounts, 08:30 Export Prices ex-ag, 08:30 Import Prices ex-oil, 10:30 Crude Inventories, Thursday 08:30 PPI, 08:30 Core PPI, 08:30 Initial Claims, 08:30 NY Empire State Index, 09:00 Net Foreign Purchases, 10:30 Nat Gas Inventories, 12:00 Philadelphia Fed, 12:30 Ex Fed Chairman Greenspan will speak, Friday Quadruple Witching Day, 08:30 Consumer Price Index, 09:15 Industrial Production, 10:00 Mich Sentiment Prel.
Some Earnings for the Week: Monday pre market CPE, STP, and after the bell BAS, NABI, WFII. Tuesday pre market DKS, GS, GDP, and after the bell GYMB, JCG, NGAS, SEAC, UBET. Wednesday pre market GMTN, LEH, NVAX, SMTS, SSI, OATS, and after the bell ECLG, HOTT, ISLE, PBY, HDTV, ZUMZ. Thursday pre market BSC, NT, TOMO, WGO and after the bell CTIC, PSUN, QTWW, SHFL, SIX, TRLG. Friday pre market ANN, IMAX, JRCC, KIRK.
SPX (S&P 500) closed +.96 at 1402.85. Support: 1396.33, 1387.79, 1381.71, 1379.30, 1373.97. Resistance:1403.60, 1407.43, 1411.70, 1417.23, 1421.22, 1430.74, 1444.30, 1461.57. Daily chart below
I hope everyone has a great week.
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