Monday Market Outlook: Expect the Unexpected
Every Monday, Benzinga Radio brings you trading intel from the S&P Futures Pit of the Chicago Board of Trade with TradersAudio.com's Ben Lichtenstein.
Markets appear to be continuing their holding pattern after solid gains last week, says Lichtenstein.
Last week left the S&P in balance above the 1210 level, still fairly close to the fundamental 1100-1200 range which has developed since the end of summer. The dollar and yen indexes, key foreign exchange indicators, continue horizontal movement.
Despite a smooth start to earnings season, headline risk in Europe and a weak American economy continue to encourage bearish sentiments for investors, leading some commentators to refer to October's market climbs as a “wall of worry.” Will we see a correction this week? Lichtenstein: “My guess is there are a lot of shorts. I tend to expect the unexpected down here. There are a lot of people who want to see [markets] go lower; when everybody is stacked up on one side, we'll take the other.”
Make it a great week - we'll see you back here next Monday.
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