Options Trading News

January 23, 2013  Wed 1:47 AM CT

Earnings will dominate the calendar today, with Apple's report after the bell the most prominent name on the list.

The only scheduled U.S. economic data involves residential real estate. The Mortgage Bankers Association reports weekly loan applications at 7 a.m. ET, followed at 9 a.m. by the FHFA Housing Price Index for November. Neither is likely to have a big impact on sentiment.

Companies including Abbott Laboratories, General Dynamics, and Textron will report earnings before the bell. In addition to AAPL, after-market releases will come from SanDisk, Lam Research, and Western Digital.

Also in the evening, the January reading for China's HSBC manufacturing purchasing managers index will be released. That could affect sentiment, especially toward commodities and emerging markets.
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As I stated in last week's article, a break out or a break down needs to have a couple things happen before it is considered a confirmed break out or break down. The only problem is that in today's market where things move much more quicker than they did just a few years ago, two days could wind up being the majority of the expected movement, if not the whole movement.

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