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February 28, 2013  Thu 12:45 AM CT

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Today's calendar focuses on gross domestic product and jobless claims, followed by global macroeconomic data overnight.

The Commerce Department will announce its revised change in fourth-quarter GDP at 8:30 a.m. ET. Economists predict a gain of 0.5 percent. A higher reading would probably be interpreted bullishly, while a lower one could hurt market sentiment.

Weekly initial jobless claims will be announced at the same time and are expected to show a decline to 360,000 from 362,000 last week. Lower readings would be positive because it would mean that fewer people lost their jobs.

The Chicago Purchasing Managers Index follows at 9:45 a.m. While it seldom moves markets because of its narrow geographic focus, the report does provide clues about the strength of the broader economy. Forecasters predict a figure of 54, down from 55.6 in January.

The Energy Department announces natural-gas inventories at 10:30 a.m. ET, which could affect companies in the energy sector.

China's HSBC manufacturing PMI will be released in the evening, followed by similar reports by France, Germany, and the broader Eurozone early Friday morning.
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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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