Collective Intelligence!
NY Empire MFG data and B of A earnings helped to firm up the equities. BOE Gov – as head of the BOE’s Monetary Policy Committee (MPC), which controls short term interest rates, Carney has more influence over sterling’s value than any other person, IMF Managing Director Lagarde and Fed Governor Evans collectively had no impact on today’s price action. The Fed’s Beige Book data bounced the S&P off the midday lows of 1840 area and stalled above 1843 before trading sideways.
J_L (08:02) Sam where’s your Target in NG, Natural Gas? Sam (08:02) when we hit the weak abc down on nq and held but more importantly settled back above the bottom of wave 1 it supported the idea that we would rip back up to new highs which i posted but my pigheadedness kept me from reversing and leaving 70 handles on the table. an abc down, but it is yet to show a target. Sam (11:39) decent chance they puke the natty / the late longs are at big risk for a number on the draw tomorrow that has a 2 in front of it instead of a 3. and after a historic 10% run in 3 days they are very nervous. and the algos know it. Sam (12:31) if natural gets follow through its a jail break. Sam (13:02) get ready for one crazy as hell natty close. Sam (13:07) natty puking. Sam (13:11) scalpers cover swingers hold em. Carina (13:13) ok ty Sam I covered +80 Sam (13:13) nice Stephen (13:13) Carina smoken william_blount (13:13) MARRY ME CARINA Mose (13:13) Sam you seeing an eventual gap fill from Friday? NG. Roger (13:13) I wouldn’t smoke around natural gas. Sam (13:13) eventually yes Sam (13:27) natty collapsing
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Today the S&P started with 167k ESH and 700 SPH traded on Globex; ESH trading range was 1838.25 – 1831.50. Today’s open gapped 4.5 handles higher to 1837.50 – 1837.00 and printed an intraday low of 1836.70 before grinding higher. [AAPL] [BAC] were early leaders – range in the first minutes ES 1839.5 / 1836.5, NQ 3597.25 / 3585, CL 9311 / 92.73. william_blount (08:46) BULLS WANT TO HOLD the 1834/35 SPOT–keep it converted, NEED TO HOLD THE WEEKLY PIVOT– MUST HOLD 1823 SPOT FOR TODAY / on offense the killed the 43.55 cash creating the squirt on stop harvesting to 1839.5 — all that remains is: give me that ole time religion … JANUARY EFFECT. before we go after the 1844.5 SPOT and we are in the SPILL STILL, the bulls have to do away with the 1841.1 settlement high and the peean (Europeans) trapped at 1842.5. may not happen b4 spill seals.
stockmarketwhisperer (09:16) we have ‘time’. before a turn is expected. so we may see higher targets/new highs. UP to 1853ish. I’d like to see one index make a new high but not the others. example [SPX], but not [DJIA]……plan is to take a short around noon or end of day or layer in ..for a down day tomorrow. Day should stay strong and not have too much downside today…last hr is wildcard though. Full moon is this evening. Because…tomorrow has a bearish aspect thats very dependable and because its following the UP of this particular full moon its a good set up.
Heading into the European close, the bid remained firm as the cash [SPX] printed NEW ALL TIME HIGHS GS We remain bearish on the JPY but worry about volatile price action until the end of the fiscal year. jack_broz (10:23) SP pivot now 1840. that MUST hold to keep mrkt bullish. The cash close traded 1842.60 before settling at 1841.60, up 8.7 handles and the SPX settled 2.5 handles below the freshly printed, mid-morning all-time high.
Confucius say: The biggest fool is the one who heeds not his own advice, as in me. Oh well, back to trading. Also, I’ve heard it said “Take my advice, I’m not using it” – SPACE.
Busy trading in BofA. The stock is up 2.6% to $17.20 in heavy turnover of 286.5 million shares in the wake of the company’s earnings report. More than 1.2 million options traded on the bank. Recent trades include a sweep 12,000 Jan 17.5 calls for 9 cents per contract when the market was 8 to 9 cents. The same contract was trading this morning for 4 and 5 cents. Volume at that strike is now an impressive 193,000 against 11,722 in open interest. It is the most actively traded of the day. The option is 30 cents out-of-the-money and expiring at the end of this week. The earnings parade from the financials continues with reports from [GS] Goldman, [C] Citi and [PNC] tomorrow morning. BAC is trading at its best levels since 2010 ahead of the news and the heavy trading in the Jan 17.5 calls seems to be expressing the view that shares will remain strong through the weekend. (Fred Ruffy (Trade Alert LLC)) Post-Earnings [$17.18 +0.43 Ref, IV=20.2% -3.4]
**World Bank Growth Projections, 2014: Eurozone 1.1%, Japan 1.4%, US 2.8%, China 7.7%, Brazil 2.4%, India 6.2% and South Africa 2.7%.
**HOUSE PASSES $1.1 TRILLION U.S. GOVERNMENT SPENDING MEASURE
Next up? This is the earnings week for the big US banks and brokers. [GS] [C] [PNC] followed by [MS] [AXP] all report quarterly numbers.
Coming events: http://www.investing.com/economic-calendar/ earnings season, picks up this week and next week kicks it into high gear. Australian employment number tonight and some China data.
Stiglitz raps US, free trade policies – accuses the US of negotiating over issues already settled at the World Trade Organization – When it comes to criticising his country’s policies on capital flows or world trade negotiations, US Nobel laureate Joseph Stiglitz minces no words. http://bit.ly/1dpTolW
