tradeMONSTER: Trade free for 90 days

Options Trading News

October 29, 2013  Tue 7:10 AM CT

SPX: SEE CHART GET CHAIN FIND STRATEGIES
Stocks are inching higher today after finding support at new highs last week.

S&P 500 futures rose about two tenths of a percent, matching gains of a similar magnitude in Europe. Asian markets were little changed in the overnight session aside from India, which rallied almost two percent after its central bank raised interest rates.

The S&P 500 has risen in 12 of the past 14 sessions, supported by bullish sentiment, decent earnings and a benign interest-rate backdrop. The index pushed to new record highs last week and quickly bounced after a slight pullback on Wednesday, suggesting momentum remains bullish.

Our researchLAB market scanner shows emerging strength in stocks that will benefit from a better credit market: Fannie Mae/Freddie Mac, loan servicers and financial guarantors. Home builders have also bounced after interest rates fell, while gold and silver miners have tried to rebound from long-term lows. International stocks, which had led in recent months, have lost some of their strength.

With the Federal Reserve scheduled to make its next monetary announcement tomorrow afternoon, the big question now facing investors is the direction of interest rates. The recent government shutdown probably slowed economic growth and gave policymakers reason to keep monetary stimulus in place longer. Tomorrow also brings the first estimate on third-quarter economic growth.

The main items on today's calendar are the release of September retail sales at 8:30 a.m. ET and the Case-Shiller index of home prices at 9 a.m. While retail sales can normally move stocks, their impact could be dulled this month because they're being released later than normal.

Commodities and foreign-exchange markets are sounding a mildly cautious tone this morning, with oil, precious metals, the euro and Australian dollar all lower. The yen is down against the greenback but higher against most other currencies. Copper is bucking the nervousness with a small gain.

In company-specific news, NutriSystem is indicated sharply higher after releasing strong quarterly results. Pfizer is little changed on a mixed report. Hartford Financial rose after the bell yesterday after earnings and revenue solidly beat estimates.

DISCLOSURE: I OWN HIG SHARES
Share this article with your friends


Related Stories

SPX

Jobless claims, Philly Fed on tap

December 18, 2014

Today's economic calendar features initial jobless claims and the Philadelphia Federal Reserve's regional-activity index.

SPX

Stocks try to rebound before Fed

December 17, 2014

S&P 500 futures are up about 0.4 a percent, despite losses of about 1 percent in Europe. Asia was modestly higher overnight, and oil continues to decline.

SPX

Last Fed meeting of year on tap

December 17, 2014

Weekly mortgage applications will be the main item in the United States at 7 a.m. ET. One big catalyst could be a parliamentary vote in Greece.

SPX

Stocks down as oil keeps falling

December 16, 2014

S&P 500 futures are down 0.6 percent, while the declines in Europe approach 1 percent. Asia was mixed overnight, with Tokyo and Mumbai retreating 2 percent and Shanghai rallying 2 percent.

SPX

Housing starts, permits on agenda

December 16, 2014

Economists expect housing starts of 1.035 million on an annualized basis in November. Permits are seen coming in at a 1.06 million pace.

Invest Like a Monster - Las Vegas: March 13-14

Premium Services

Archived Webinar

The Art of Trading: Forgiving the Spread

Education & Strategy

Know thy Greeks!

One of the most important roles played by the Option Pricing Model is the calculation of an important family of...

View more education articles »
optionMONSTER stockMONSTER tradeMONSTER