Today: MBA purchase Applications, Housing Starts, Redbook and earnings from American Express (NYSE:AXP), eBay (NASDAQ:EBAY) SanDisk (NASDAQ:SNDK), Netflix (NASDAQ:NFLX) and (NYSE:IBM) reports after the close.
Crude oil – the CLH made a high at 48.77 and made a latr day low of $45.89 and is 46.13 last, down 2.56 – As long as crude is moving as it is it going to be hard to get a clear read on the S&P 500
ECB meeting on Thursday Jan 22 is going to be a historical meeting. The ECB has stayed away from big quantitative easing involving the creation of money to buy sovereign bonds to spur economic growth but Mario Draghi seems determined this time around but the big question is how the market will react?
It could end up a BIG case of selling the news..
Volatility is Back
The ES sold off 25 handles from the early highs / rallied 22 handles from the low and sold off 6 handles before the late day bounce. My own opinion is that Crude Oil is running the wheel right now and until it firms up the markets are going to continue doing exactly what they are doing… Up and Down and all around….
High 2023.00 Early
Low 1998.00 Mid-morning
Last 2016.90 up 4 handles
Total volume 1.75mil ESH and 4.5k SPH traded
MOC BUY $50mil