Weekly Fundamental and Technical PreviewBrian Kahn - Sunday, October 14th, 2012
Let's preview this coming week using our economic calendar. We will also look at some things that aren't on the calendar:
**Monday: retail sales and Empire State Manufacturing. Look at the sub-componets of the NY Fed as it is our first look at unemployment and new orders
**Thursday: weekly claims and NY Fed - same thing as above - look at the employment and new orders sub-components
**There are also a smattering of important international events, so use CNBC and Bloomberg.com to stay on top of that or your favorite market commentary (i.e. jupiter peak financial!)
**Other international speakers that pop up on the calendar with little to no warning
**Also, earnings events. The next few weeks will bring lots of earnings. See if they start to come in soft as a result of 2 quarters of slowing economic data. Remember, the world has backed off on its needs for goods and services since late April/early May.
Technically, the SPX is sitting on the 1425-1430 support level. After that, a local area at 1408 and then a true support level and psychological level at 1400. Will this be enough of a retracement to be a buying opportunity? What are you doing with your portfolio as this move takes place. Are you using any strategies to take advantage ofa possible 60 point move in the SPX - 1470 to 1400.
Past performance is not indicative of future results
Also, if this is a true double top, the last leg of the "M" could take us to 1400 to satisfy that pattern.
The week starts off with a bang with retail sales and Empire Fed!
Happy Trading and Be Environmentally Cool
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Educational purposes only - no buy,hold or sell recommendations.
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