Tuesday, June 18, 2013
Stocks bounced higher yesterday, but remain in their corrective state of the past four weeks. The market can easily be swayed by any news coming out of the Federal Open Market Committee two day meeting this week, especially in regards to tapering, ending, increasing or keeping the same level of monthly bond buying that the Federal Reserve has utilized to help the economy. The stock market and the financial markets in general have become so dependent on the excess liquidity that the bond buying program has generated. Any hint of change has caused major anxiety for traders. Adding to the potential volatility this week is Friday’s quadruple witching expiration. This event occurs quarterly when stock options, index options, stock futures and index futures all expire on the same day.
June 17 - Monday
Empire Manufacturing, June (8:30): 7.8 actual versus 0.8 expected, -1.4 prior
Net Long-Term TIC Fl, April (9:00): -$13.5B prior
NAHB Housing Market , June (10:00): 52 actual versus 45 expected, 44 prior
June 18 - Tuesday
CPI, May (8:30): 0.2% expected, -0.4% prior
Core CPI, May (8:30): 0.1% expected, 0.1% prior
Housing Starts, May (8:30): 950K expected, 853K prior
Building Permits, May (8:30): 983K expected, 1017K prior
June 19 - Wednesday
MBA Mortgage Index, 06/15 (7:00): 5.0% prior
Crude Inventories, 06/15 (10:30): 2.523M prior
FOMC Rate Decision, June (14:00): 0.25% expected, 0.25% prior
June 20 - Thursday
Initial Claims, 06/15 (8:30): 340K expected, 334K prior
Continuing Claims, 06/08 (8:30): 2967K expected, 2973K prior
Existing Home Sales, May (10:00): 5.00M expected, 4.97M prior
Philadelphia Fed, June (10:00): -0.2 expected, -5.2 prior
Leading Indicators, May (10:00): 0.2% expected, 0.6% prior
Natural Gas Inventories, 06/15 (10:30): 95 bcf prior
Sources: bankrate.com, bloomberg.com, briefing.com, Dow Jones News, Financial Times, finviz.com, Investor's Business Daily, marketwatch.com, seekingalpha.com, Thomson Reuters/First Call, U.S. Dept of Treasury, yahoo.com and individual company web sites and press releases.
Leonetti & Associates, LLC views or opinions are as of a certain date and subject to change without notice. The material contained herein is for informational purposes only and obtained from sources we consider reliable. We make no guarantee as to its accuracy or completeness. References to specific securities and industries/sectors should not be considered recommendations to buy or sell any security or advisory service. Past performance is not a guarantee of future results.