With the fed speech looming we feel as though there should be a floor in stock prices over the next two trading days. We doubt many will want to make too many bets, long or short, until Bernanke provides more clarity on the Fed’s stance. Look for the major indexes to be range bound, we’ll be watching 1,135 – 1,175 on SPX. With Europe up overnight and again this morning, our hunch is that the markets can extend on yesterdays gains.
Some market driving news today may come in the form of Moody’s downgrade of Japan’s credit rating, to Aa3 from Aa2. Also on tap are durable goods orders for July and U.S. mortgage purchase applications. Aside from that we’ll be focused on the technical ranges in a few key bank stocks. Those would be BAC (range we’re watching: $6 – $6.75), GS ($100 – $115) & JPM ($32.30 – $36.50).
A few penny stocks on our watchlist today are CRWV, EMBA, WWAG, VMSYQ, & TLPH.
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