DJIM #22 2011
Tuesday, May 31, 2011 at 06:27AM The only weekend news, is good ‘risk on’ news. A WSJ article reports Germany will drop its push for a Greek restructuring in order to facilitate a new aid package for Greece. Euro up, USD down, commodities up. The initial reaction will likely be all overnight ES action with subdued follow through in regular market hours. Hence, be careful chasing the bus as the primary focus this week will likely switch to Global eco’ data (PMI’s) to provide some clarity as to the scope of the economic slowdown.
US data,
May 31st (S&P CaseShiller Home Price Index, Chicago Purchasing Manager, Consumer Confidence, Dallas Fed. Manf. Activity
June 1st ,(MBA Mortgage Applications, Challenger Job Cuts, ADP Employment Change, Construction Spending, ISM Manufacturing, ISM Prices Paid, Domestic Vehicle Sales, Total Vehicle Sales);
June 2nd, (Initial Jobless Claims, Nonfarm Productivity, Factor Orders, ICSC Chain Store Sales)
June 3rd,(Average Hourly Earnings, All Weekly Hours, Change in Private/Nonfarm Payrols, Unemployment Rate, ISM Non-Manf.)
All in , day 4 of SP gains is in the cards since ‘zone footing’ played itself out with Euro now pushing 1.43 from 1.39 and SP now coming into May channel top ‘R” at 1348.