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April 23, 2014  Wed 2:45 AM CT

SPX: SEE CHART GET CHAIN FIND STRATEGIES
Earnings and global manufacturing data are the main events on today's calendar.

HSBC/Markit releases preliminary purchasing managers indexes for China and Europe during the overnight session, which could potentially affect trading--especially toward metals and energy.

Boeing, Delta Air Lines, Biogen Idec, EMC, Norfolk Southern, Dow Chemical, and General Dynamics report quarterly numbers before the opening bell. Apple, Facebook, Qualcomm, Texas Instruments, Xilinx, Citrix Systems, NXP Semiconductor, E*Trade Financial, and F5 Networks follow in the afternoon.

The only economic reports in the United States are weekly mortgage applications at 7 a.m. ET and crude-oil inventories at 10:30 a.m. ET.

Tomorrow is busier, with initial jobless claims and durable-goods orders. Caterpillar, General Motors, Verizon Communications, United Parcel Service, Eli Lilly, Freeport-McMoRan, and Starwood Hotels & Resorts issue results in the morning. The afternoon is dominated by Microsoft, Amazon.com, Visa, and Starbucks.
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Timing the Trade

Both break outs and a break downs need to have a couple things happen before it is considered a confirmed break out or break down by technical definition!  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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