As we anticipate this week of filled with economic data, in general the markets welcomed the Christmas rally. The Dollar finished Monday’s session slightly lower, which supported the grains, metals and stock indexes finished in the green.
On the horizon Tuesday are the beginning of a rash of numbers, along with the first day of the FOMC meeting, which will end Wednesday at 115 with their announcement and minutes. At 730CST we have PPI, Empire State Manufacturing. At 755, the Redbook, at 815 Industrial Production, and at 12pm the Housing index. Any one of these could spike trading volume and set the computer worms on their ears. Especially with these thin Holiday markets.
In the grains, we look poised to challenge the upper ends of our 1 month trading ranges. Pull up a chart, and you’ll see that that corresponds to the 1069 area in the SF, 550 to 560 in WH, and 415 in CH.
The stock indexes both settled higher, with SPZ leaning on its resistance at 1116 and the Dow hovering around the 10500 level.
At this time of year, its best to not even be trading. There will be plenty of opportunity in the first quarter of 2010.
Good Trading
