Another busy week for traders and investors with earnings, economic data, central bank activity, and lot to keep an eye on. First, it was a busy week last week with something like 120 S&P 500 companies reporting quarterly, and U.S. indices to new all-time highs reflected the better-than-expected earnings results in most cases.
The Fed announcement and comments from Jerome Powell created very few waves, but he assured investors rates will remain low for a prolonged period. The U.S. Dollar firmed some last week on better-than-expected economic data.
This week, keep an eye out for quarterly results from Pfizer Inc. PFE, Amazon.com, Inc. AMZN, Alphabet Inc GOOGL, Chipotle Mexican Grill, Inc. CMG, Spotify Technology SPOT, and eBay EBAY, to name a few of the more closely-watched companies reporting results that could move markets. As far as economic data that could move markets, this week we have a fair amount of PMI data, the ISM Service Index on Wednesday, and jobs reports. The primary focus will be the Unemployment Report on Friday. Don't forget about the central bank activity overseas: we have the Bank of England (BOE) and the Bank of Australia (RBA).
Keep an eye on Gold; Silver spiked last week and continued its advances in the overnight session to levels we haven’t seen since 2013, and Gold took notice. I found it interesting the two big moves lower in the indices last week sparked very little, if any, buying in Gold, and while the VIX spiked, Gold was flat mostly around 1850. Watch the U.S. Dollar inching higher; while this would normally be a headwind for Gold, with Silver rallying like this, that Gold/Dollar inverse correlation could break down for a while.
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