After the big 50-point Friday-Monday rally, we aren’t surprised to see some sideways action yesterday. With Twitter rumors about Iraq and tension in Gaza and Ukraine, traders found plenty of reason to both rally and sell off in dramatic fashion.
Today’s large number of economic reports will give traders plenty to mull over. While there’s still a chance of global tensions causing another big drop, we see that statistically the rest of the August expiration week tends to send the market higher. The Monday after expiration week tends to be down however, 20 of the last 30 years. (see below)
HIGH: 1935.70 Early
LOW: 1924.00 Mid-Day
LAST: 1930.50 DOWN 2.10 Handles
TOTAL VOLUME: 1.2mil minis; 2.5k bigs
MOC: SELL $600mil
Big ECO Calendar Tomorrow
FOR TOMORROW:
MBA Purchase Applications
Retail Sales
William Dudley from the FED speaks
Atlanta FED Business Inflation Expectations
Business Inventories
EIA Petroleum Status Report
10yr Note Auction
Wicked day of rallies and sell offs
Twitter chatter is ISIS captured a large group of Kurds
Option stats:
Wednesday: UP 19 / DOWN 11 of last 30
Thursday: UP 17 / DOWN 13 of last 30
Expo-Friday: UP 17 / DOWN 13 of last 30
Monday After: UP 10 / DOWN 20 of last 30