What to watch for today
Good morning team,
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We had a terrible close yesterday after I purchased my AAPL lotto trade over again (in at .61, out at 1.09 and .97, back in at .57 yesterday). We didn’t get the jump up that I thought we would based on the chart. Today the biggest thing you want to watch is the $278 level on SPY. Below that and we could see the market really fail at this level. Another very important thing to point out is we are not the only market that is fighting resistance. Look at a few examples across the world:
There are many other examples as well. But remember, the world markets TYPICALLY show a correction or crash before US markets do. Now, have we already seen that across the globe? That’s what we need to figure out.
Events Calendar For Today
· 7:00 AM EST MBA Mortgage Applications Data
· 8:15 AM EST ADP Employment Change in February…est. 190K
· 8:30 AM EST Trade Balance for December…est. (-$57.9B)
· 10:30 AM EST Weekly DOE Inventory Data
· 12:00 PM EST Fed’s Williams speaks to the Economic Club of New York
· 12:00 PM EST Fed’s Mester participates in moderated discussion
· 2:00 PM EST Fed Beige Book released
· Earnings Before the Open: ANF, BF/F, BJ, CHS, DCI, CLTR, FVE, HDSN, JILL, MCRB, MEET, MRNA, OPTN, THO, WHF
· Earnings After the Close: ABM, AEO, ALSK, BREW, CDNA, FTK, GWRE, HIIQ, KIN, TTEC, YEXT
Other Key Events:
· Bank of Canada (BoC) rate decision
· Morgan Stanley Global Energy & Power Conference, 3/4-3/6, in New York
· Raymond James 40th Annual Institutional Investors Conference, 3/3-3/6, in Orlando, FL
· RSA Conference 2019, 3/4-3/8, in San Francisco
· Sandler O’Neill 2019 West Financial Services Conference, 3/4-3/6, in San Diego, CA
· Shoptalk 2019, 3/3-3/6, in Las Vegas, NV
· UBS Global Consumer & Retail Conference, 3/6-3/7 in Boston MA
I’m not 100% comfortable getting into many trades here. Collecting time decay is one thing, but long options are putting us in a tough spot. Something to consider is us turning these into spread trades to protect ourselves from a sideways market. We can bring in the exp. date if we do that as well.