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The market shook off a sharply lower open and recovered on the strength of the financial and energy sectors. Things seem to be settling down a bit after some very volatile days this week. Financial stocks were hopeful for additional assistance from Washington. GOOG surged higher, up over 5%, after beating earnings expectations.
Whether this is a signal of uncertainty over market direction or game strategy, I don’t know, but a few of the contest’s top players have moved into cash. That take some guts, as some other contestants have been adept at using inverse and ulta ETFs to profit when the market goes up or down. And there are enough stocks with earnings reports next week that might give traders some opportunities. Even as the contest nears its end, remember what Vergil said, “audentis Fortuna iuvat”.
Economic data next week: Dec existing home sales and leading indicators for Dec on Monday; Jan consumer confidence and start of FOMC meeting on Tuesday; crude oil and gas inventories and FOMC rate decision on Wednesday; Dec new home sales and durable good orders, and initial jobless claims on Thursday; and Q4 GDP, Jan Chicago PMI, and Jan revised consumer sentiment on Friday.
Tom Preston
thinkorswim, Inc.
Member FINRA/SIPC/NFA
thinkorswim, Inc. and its registered employee, Tom Preston, do not solicit or recommend any form of trading in the individual stocks (or their derivatives) mentioned above. Please do careful, independent research before investing any money as well as weigh the possible consequences on your particular financial situation before doing so. The risk of loss may be substantial.
