Having been away for a week from the markets there are many things that are catching our eyes here at Minter. Often times a break is helpful in trying to decipher what is short term noise and what is really important in the markets.
Today the market will be watching U.S. GDP which is out at 14:30 Oslo time. The markets is looking for something between 2.0% and 2.2% for Q1 in addition we get the University of Michigan Consumer sentiment survey at 16:00 Oslo time, which will gives us an up to date feel for how positive the consumers are feeling.
We would guess that with unemployment being at lows, stocks being at highs that this number should be strong.
The S&P 500 is holding near the highs through the current reporting season. We have seen some cracks in the armor.
It looks as though profits for S&P 500 companies are expected to decline 1.1% for Q1 (Reuters) which is a big improvement compared to the expected drop of over 2% that the market was looking for before the announcements started coming. The stage is set for a battle of the of the earnings reports, positive trade results and dovish Fed is enough to break and sustain higher levels.
UK Brent is holding its upward trend and now in the middle of a wedge pattern. Iran sanctions and troubles in Venezuela, increasing violence in Libya are all contributing to sending prices higher, OPEC/Saudi Arabia has the ability to make up the loss, And Russia on Monday signaled it may decide to boost production.
There must be some heavy discussions, about trying to get top dollar and at the same time not encouraging even more of a ramp up of U.S. production.
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|Ticker||Date Opened||Entry Price||Stop||Target Price||Current Price||% Change|
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|Short Call Option XAUUSD||18/03||5.11||1.10||+78,47%|
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