March 21st Watchlist
Jobless Claims came out this morning basically in line with expectations. Futures are down slightly from increased pressures out of Cyprus. The ECB has threatened to cut off monetary aid unless they pass legislation concerning the recent bailout package. There is an onslaught of economic data hitting the street at 10 AM so be sure to watch for a reaction out of the futures.
Stocks in headlines this morning are Oracle (NASDAQ: ORCL) & Lululemon (NASDAQ: LULU). Oracle missed on their earnings call last night and lowered forecasts. The stock is currently trading down almost 3 points and is weighing on the Nasdaq. LULU reported a 48% jump in profits, ironically, after a day the stock was under pressure for their pants being too ‘see-through’.
This looks like another consolidation/chop day similar to the action we experienced yesterday. For many traders, this is the kind of environment you must avoid taking losses in before the next big picture move happens in the indexes. With the lack of conviction, the likelihood of you making solid directional trades is pretty low.
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