Next weeks, shortened, holiday economic calendar includes only 11 economic reports, 2 fed governors speaking , 10 T-Bill or T-Bond Auctions or announcments and the European Central Bank will decide on the size of their planned sovereign debt purchases.
Tuesday’s economic calendar starts with Charles Plosser speaking, Redbook, NFIB Small Business Optimism Index, JOLTS, 10 Yr-Note Auction, Treasury Budget, Narayana Kocherlakota speaks and a very big week of S&P earnings.
I started talking about how all the ups and down / THRASHING could wear out the markets this week. The ESH got down to 1970 after the headlines about 2 Greek banks needing bailouts. Fell just 5 points off the 1965 Moving Average.
If CL starts going down hard next week and traders sell the ECB news it could get ugly ….
While I called for the rally I never said the sell off was over… there are just too many moving parts
High 2013.50 Late
Low 1981.50 Early
Last 2012.80 Net change up 23.7 handles
Volume 1.8 ESH15 2.4k SPH15
MOC BUY $250mi