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January 9, 2013  Wed 1:47 AM CT

XLF: SEE CHART GET CHAIN FIND STRATEGIES
Today's economic calendar is uneventful, with little market-moving data scheduled.

The only U.S. reports on tap involve home mortgages and oil inventories. The Mortgage Bankers Association will release its weekly applications data at 7 a.m. ET, while the Energy Department will announce crude-oil supply levels at 10:30 a.m. ET. Neither is likely to have a big impact on sentiment.

In the overnight session, the Eurozone will release quarterly gross domestic product and Germany will report industrial production. Those headlines could affect risk appetite.
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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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