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July 31, 2013  Wed 1:47 AM CT

SPX: SEE CHART GET CHAIN FIND STRATEGIES
Today's calendar is packed with economic data and corporate earnings.

German retail sales and European unemployment could affect market sentiment early in the session, but the first big U.S. release is ADP's private-sector payroll report at 8:15 a.m. ET.

Economists expect that 175,000 jobs were added in July, down from 188,000 the previous month. Traders will probably view the reading as an early indicator of the key non-farm payroll report from the government on Friday morning.

Second-quarter gross domestic product follows at 8:30 a.m. ET. It is expected to show growth slowing to 1.1 percent from 1.8 percent in the previous period.

The next event is the Chicago Purchasing Managers Index at 9:45 a.m. ET. Economists forecast a reading of 51.5, down from 51.6 in June.

The Federal Reserve's interest-rate decision and policy statement at 2 p.m. ET are perhaps the most important event of the session. Attention will focus closely on how aggressively the central bank plans to taper quantitative easing.

Earnings will be released in the morning by companies including Anheuser-Busch Inbev, Comcast, Humana, Huntsman, Hospira, MasterCard, and Phillips 66. CBS, Ctrip.com, Lam Research, Marriott, Williams, and Yelp follow after the closing bell.
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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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