E-Mini S&P 500: “He has the whole world in his hands!”
It may be just a song, but tomorrow it's a reality! The global trading community is speculating on whether Federal Chairman Ben Bernanke will hint at a QE3 stimulus to aid the slack recovery. The market may have by this time built-in any plans that the Fed Chairman may deliver tomorrow. Exhilaration boosted the market after news that Warren Buffett’s Berkshire Hathaway would be investing $5 billion in Bank of America. Tension mounted during a choppy day today as the market backslid, possibly over concerns with the German Markets. The US Initial Jobless Claims early this morning showed that the number applying for state unemployment benefits was up 5,000 to 417,000. It was thought that the striking workers at Verizon Communications may have contributed to the increase. Verizon workers filed 8,500 claims. Federal Chairman Ben Bernanke should be speaking at 9:00 AM CST tomorrow after the scheduled GDP report. The E-Mini S&P 500 may have an extremely wide trading range tomorrow as traders attempt to digest all of the economic information.
Bank of America was up 9.4 % to $7.65. Citigroup was up 4.9 % to $29.03. Apple Inc. was down 0.65 % to $373.72 after Steve Jobs resigned his position as chief executive.
Friday, we have US GDP due out at 7:30 AM CST.
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Friday, what to expect! We are technically still in buy mode on the Daily Chart! Friday, we anticipate an inside to lower day! Today’s range was $1188.50 - $1153.00. The market settled at $1157.50. Our comfort zone or point of control for this market appears to be $1165.75. Our anticipated potential range for Friday’s trading could be $1172.50 - $1127.50.
Note: Bernanke speaks and all bets are off. The market stays bullish above $1122.50.
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