Your MUST-READ Morning Stock Futures Cheat Sheet: Consolidating gains
The exclusive Markets Morning Report is supplied by The Precision Report.
The Precise Take – Consolidating gains
Big Picture Analysis: Yesterday, the ES spent most of the day slowly making up the territory lost overnight. After the bell, an Apple earnings beat facilitated a run to 1216.50 to test Monday’s high, but the markets gave back some in European trading. Focus now shifts to the Fed, with the FOMC Announcement at 12:30 pm EST and the Chairman’s press conference at 2:15 pm. While this format is still relatively new, we’ve noticed that trading tends to be erratic until after the press conference is over, which is about 3:00 pm. Other potential market movers today are Pending Home Sales Index at 10:00 am, the EIA Petroleum Stats at 10:30 am. While not usually a market mover, we note that the 5 Year Note Auction has been moved up to 11:30 am from its normal 1:00 pm slot. Looking ahead, we have Durable Goods tomorrow and GDP Friday. It looks like Europe has taken a back seat for now, but a choice headline could still provide an opportunity for a shakeout of weak longs.
Click above images for larger size.
To contact the reporter on this story: Bob English at firstname.lastname@example.org
To contact the editor responsible for this story: Damien Hoffman at email@example.com