After a quite day on the data front on Monday, Tuesday brings a few key reports traders will be paying close attention to. Among these are the NFIB small business index, the latest import/export price data, and the Commerce Department’s whole sale inventories report for March. Jeffrey Lacker, President of the Richmond Fed will also be speaking and his words are sure to be followed closely.
Perhaps commanding the markets attention most though will once again be the action in oil and silver. We’d like to see the markets get away from playing “follow the leader” as it is dangerous for them to be following two volatile commodities . However, for the time being there is no denying that the price action in both of them is affecting the overall markets, so if they can continue to rally the markets likely will too.
Technically, yesterday’s lows now become near by support with resistance at the highs from Friday’s session. The line in the sand for us is S&P500 1,330 as a break below this level will have us anticipating a broader market pullback.
Walt Disney (DIS), Fossil (FOSL), JA Solar (JASO), Molycorp (MCP), and Harbin Electric (HRBN) are expected to report earnings.
After a slow Monday we’ll be in chat live all day hoping to find some liquid stocks to profit off of. We’d like to see KIWB start trending back up after an unimpressive session yesterday. NNAN is on watch for a .005 break after a 6 month volume high yesterday. NVDL is on watch for a break of .14 (Monday’s high) to signal further momentum in the stock. CBBD is another one to keep an eye.
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