Thursday closed the day on the upside with the Dow closing just -.01%, NDX -.13%, COMPX -.23%, RUT-.25% and SPX -.36% on the day. Volume fell a little shy on the NYSE and Nasdaq of Wednesday’s. However, futures were a little heavier mostly due to the late day surge that came after Google reported. The VIX closed at 19.88 and the TRIN at 1.51 more bearish than the price action showed. Gold closed up $8.00 to $1378.50 and oil closed down 33 cents to $82.68 a barrel.
Friday ends a busy week and the market has had a rollercoaster few days. The Dow left an inside day but the other key indexes traded just under Wednesday’s low. Although the drop the market didn’t close outside of Wednesday’s range leaving the market with two spinning tops. A lot of indecision up here for the market and that keeps us on our toes still. Google (GOOG) and Advanced Micro Devices (AMD) traded up after the bell. Futures traded up on the news but have since flattened out. When the European session picks up steam that may change things.
As it stands the market sits just off the weeks highs. Generally options expiration day doesn’t have a lot of range, but has a lot of volume. Because this expiration falls as earnings are getting underway we are likely to see more volatility and range than normal. The early data will also provide us with some movement. We will look for the data to set the early tone and to see if GOOG and AMD fade the gains or hold up to give the weak a strong close. GE reports in the morning they are likely to be inline and no big surprises, they usually sell off after earnings due to the run up ahead of the release.
Economic data for the week (underlined means more likely to be a mkt mover): Friday 8:15 Fed Chairman Bernanke Speaks, 8:30 Core CPI, 8:30 Core Retail Sales, 8:30 Retail Sales, 8:30 CPI, 8:30 Empire State Manufacturing Index, 9:55 Prelim UoM Consumer Sentiment, 9:55 Prelim UoM Inflation Expectations, 10:00 Business Inventories.
Some earnings for the week (keep in mind companies can change last minute: Friday pre market SCHW, GE, INFY, MAT and after the bell WDFC.
