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August 29, 2013  Thu 1:16 AM CT

SPX: SEE CHART GET CHAIN FIND STRATEGIES
Revised economic growth numbers and initial jobless claims are the main items on today's calendar.

Economists expect second-quarter gross domestic product to have expanded 2.1 percent, compared with the previous estimate of 1.7 percent. Jobless claims are forecast at 330,000, down from 336,000 the previous week. Higher readings would be bullish on the GDP number, while lower readings would be positive on claims. Both will be released at 8:30 a.m. ET.

Natural-gas inventories follow two hours later, which could affect sentiment among energy stocks.

Salesforce.com and OmniVision Technologies report earnings after the closing bell. Japan is also scheduled to announce several important numbers this evening, including industrial production and its purchasing managers index. Those could affect trading Friday morning.

Tomorrow's only report is the Chicago Purchasing Managers Index.

The calendar is more active next week, starting with Chinese manufacturing data late Sunday night. The Institute of Supply Management's key manufacturing index follows on Tuesday.

Thursday brings a slew of headlines: European manufacturing data, the European Central Bank's monetary announcement, retailer monthly same-store sales and ADP private-sector payrolls. It climaxes Friday morning with the pivotal non-farm payrolls report.
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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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