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January 31, 2013  Thu 1:16 AM CT

SPX: SEE CHART GET CHAIN FIND STRATEGIES
Today's economic calendar covers a wide variety of reports from companies and economies around the world.

The first is Challenger Gray job cuts at 7:30 a.m. ET, followed by the more-important initial jobless claims one hour later. Economists forecast an increase to 345,000 new filings from 330,000 last week. A higher number could be interpreted bearishly while the opposite is true to the downside.

The Chicago purchasing managers index will be released at 9:45 a.m. ET, but it is unlikely to sway broader market sentiment. Natural-gas inventories come out at 10:30 a.m. ET, which could move energy stocks.

Earnings results are expected from companies including Aetna, MasterCard, Dow Chemical, Viacom, Hershey, and Whirlpool.

Chinese manufacturing data will be released after the close, followed by comparable reports in Europe early tomorrow. Both could affect sentiment tomorrow morning.
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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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