Trading Plan for March 8, 2012
Economic Reports Due out (Times are EST): Challenger Job-Cut Report (7:30am), Jobless Claims (8:30am), Bloomberg Consumer Comfort Index (9:45am), Quarterly Services Survey (10am), EIA Natural Gas Report (10:30am)
Premarket Update (Updated 6:30am eastern):
US Futures are bouncing this morning - up moderately.
Asian markets are trading 1.6% higher.
European markets are trading 1.7% higher.
Technical Outlook (S&P):
S&P is looking at 1% in gains heading into the open off of Greek PSI news and Fed sterilization rumors (i.e. more QE).
If this morning's early strength holds, Tuesday's sell-off will be completely recovered.
VIX index (aka Fear index) dropped back below 20 yesterday which tends to be more bullish.
The S&P looks to recapture the 20-day moving average and potentially the 10-day moving average at 1363.
30-minute chart on the S&P needs to make new recovery highs to improve its standing. Currently it still looks very toppy.