Hope you weren’t planning on a relaxing week-end. According to the Fast Money traders it’s going to be anything but.
“Usually nobody wants to be long going into a week-end,” says trader Steve Grasso, “but this time it’s just the opposite.”
“Absolutely, I want to be long over the week-end,” adds trader Brian Kelly.
That’s because there’s a slew of overseas data as well as expected developments that could send the market soaring. Take a look:
China Industrial Production
China Trade Report
China Retail Sales
Euro Zone Finance Ministers to hold conference call regarding Spanish banks
"Look at all those headlines that are coming," says an enthusiastic Steve Grasso. If China economic data is weak, the Street largely believes more rate cuts are on the table.
And if Spain seeks a bailout as is being so widely reported, European Commission spokesman Amadeu Altafaj has said “the instruments are there, ready to be used.”
“The Street is expecting a recapitalization of Spain’s banks,” says Kelly. “And I think it could be a very big positive that triggers risk-on.”
“It could generate a catalyst for an upside break," adds Steve Grasso. 1333 is now the level to watch."