Stock Market Analysis: 12/12/2009

Not much to say and I’m tired to repeat myself. Hope you are not playing indexes, there is better things to trade out there… The market is consolidating through time instead of price action. This could be a topping process or a stepping stone toward significantly higher levels. Notice that we haven’t a trend day in quite a while. When we get one might indicate the start of a move. Next week is FOMC week so trade accordingly.

Economic Data:

• Monday: Nothing
• Tuesday: PPI m/m (0.8%), Core PPI m/m (0.3%), Empire State Manufacturing Index (25.1), TIC Long-Term Purchases (50.3B), Capacity Utilization Rate (71.1%), Industrial Production m/m (0.6%), NAHB Housing Market Index (18)
• Wednesday: Building Permits (0.58M), Core CPI m/m (0.2%), CPI m/m (0.4%), Current Account (-106B), Housing Starts (0.59M), FOMC Statement, Fed Funds rate
• Thursday: Unemployment Claims (470K), Philly Fed Manufacturing Index (16.1)
• Friday: Nothing

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