Next Week Will Be Off the Chart Huge
- Posted by UpsideTrader
- on May 26th, 2012
Guesstimates on a Greek exit from the Eurozone range anywhere from next week to the end of the year. Oh fun. The market hates uncertainty and we are neck deep right now. We could have a sell off of biblical proportions next week, stay flat or maybe rip higher. As a result, we are all on pins and needles unless you are all cash. No one wants to be caught leaning the wrong way, long or short.
Last week we saw a decent pop in consumer confidence, an increase in new and exiting home sales and an unexpected rise in durable goods orders. With all the fear and bad headlines, the $SPX still managed to hold 1300 and close at 1317.
Technology and biotech will be in focus this week as the ASCO conference kicks off later in the week. There are some names that could play nicely into that event. They always do. Watch $ARIA
The technology sector will also be in the spotlight, as some of the market’s biggest names will be gathering at the D10 All Things Digital conference that begins Tuesday. $AAPL will be there and Tim Cook will present Separately, retailers and the auto industry are scheduled to report their latest sale.
Tuesday- Consumer confidence reading
Wednesday- Fed heads speak.
Thursday- GDP revisions and same store sales for May
Friday- May car sales and the Big Kahuna, non farm payrolls will be released.
Some stocks are oversold and some still need to get drilled into submission. It’s amazing that some coal stocks are trading below 2008 crash levels.
They never ring a bell at bottoms or tops, so pay attention.
The information in this blog post represents my own opinions and does not contain a recommendation for any particular security or investment. I or my affiliates may hold positions or other interests in securities mentioned in the Blog, please see my Disclaimer page for my full disclaimer.blog comments powered by Disqus
Joe was on Wall St, for twenty five years and his career took him to the retail, institutional and capital markets... More »
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