Today we have MBA Purchase Applications, Richard Fisher speaks, EIA Petroleum Status Report, 10-Year note Auction, Treasury Budget. The earnings season is starting to wind down; today we have Cisco (NASDAQ:CSCO) , Applied Materials (NASDAQ:AMAT), NetApp (NASDAQ:NTAP) and NVIDIA (NASDAQ:NVDA), the Greek government is supposed to provide the specifics of its Economic plan and Ukraine, France, Germany and Russia are set to meet in Minsk.
A better look at the February options expiration stats show the ESH being firm from Friday to next Tuesday and I am starting to get the feeling the S&P 500 is getting ready to run some further upside stops, like up to 2075-2080.
Yesterday's trade was a great example of two things:
1) Thin to win. No volume and
2) The S&P 500 has to go down to go back up.
Still think we are heading for more volatility but I also get the feeling the S&P 500 has been back and filling.
A couple off weeks ago they had the bulls scared and now they have the shorts running scared… This too shall pass.
High: 2065.20 Late
Low: 2043.50 Early
Last: 2064.70 Up 22.3 handles
Volume: 1.3mil ESH and 5k SPH traded in the pit… The only futures pit I will remind you of.
MOC: MiM showing Sell $184mil actual came out MOC buy $20mil