Political calendar catalysts from here?
1. Geithner speaks tomorrow (House Financial Services Committee) – could easily be a negative
2. Bernanke speaks tomorrow (House Financial Services Committee) – could easily be a positive
3. Obama has an 8PM nationally televised speech tomorrow – heck, the guy is the new Warren Buffett with his “market is a bargain call”
Economic calendar catalysts from here?
1. New Home Sales = Wednesday
2. Michigan Consumer Sentiment = Friday
3. Morgan Stanley kicks off reporting for the bankers
Quantified Risk Management catalysts from here?
1. Price momentum = SP500 TRADE resistance at 817; TREND resistance at 829
That’s right – despite the Oracle of Obama’s “bargain” call this market doesn’t move on valuation, it moves on price. Everything else is part of a macro mosaic where we need to stay with the proactively risk management process, because no matter where you go in this market, there those prices are.
SP500 support continues to build to higher lows. Now I’m a buyer in the SP500 range of 753-768 (see green waters below, and beware of the Shark).
Keith R. McCullough
CEO & Chief Investment Officer