As pointed out in my yesterdays post manipulator will try to bring this dow above 12834 and S&P500 above 1250 and it did happened. There is no doubt that today headline US economic data was good but the future market was already up by 55 point whole night as if ADP report was leaked in advanced.
If I dig into today's number non farm productivity and unit labor costs, then I still think its not a good number by any standard. Look at the chart from 2002-2012 and you can read yourself, where productivity is standing between 2011-2012.
US stock market is still hoping that growth will come from haven.
Tomorrow at 3 pm EST is the big day for Greece. We have seen scene so many time, its nothing new. Since its at 3 pm the market is likely to remain flat or higher to get some short squeeze followed by late sell off.
The manipulators would like to keep Dow between 12929 and 12705 range S&P500 between 1358 and 1332 range. For any sell off Dow needs to break 12787, S&P500 needs to break 1346 level. The way this market is opening low and closing high is simply making volatility flat.
The economic data to watch out
BOE Announcement (No change is expected, rate cut is bullish for stock)
7:00 AM ET
Challenger Job-Cut Report
7:30 AM ET
ECB Announcement (No change is expected, rate cut is bullish for stock)
7:45 AM ET
Jobless Claims (351k is expected higher is bearish for stock and lower is bullish for stock)
8:30 AM ET
Bank of Canada Announcement
9:00 AM ET
Earning to watch out
Play with individual stocks and look for overbought or oversold stocks. Sometime just wait and watch out the movement of market before investing. Yesterday 200 point sell off is not a sell trigger point or today's 78 point is not a buy trigger point. Wait and watch this market and consolidate all your saving for right opportunity to buy/short this market.
I am watching AAPL, CRM, IBM and PCLN puts and FSLR, GLD, AGQ Calls.