Stock Market Today - intraday discussion for the week of May 29.

What to Watch

Monday

Memorial Day Holiday

U.S. markets closed

Tuesday

0900 am S&P/Case-Shiller home prices

1000 am Consumer confidence

1030 am Dallas Fed survey

Wednesday

1000 am Pending home sales

Thursday

Chain stores sales

0815 am ADP employment

0830 am Initial jobless claims

0830 am Real GDP Q1 (second)

0945 am Chicago PMI

1100 am Kansas City Fed survey

Friday

May auto sales

0830 am Employment report (May)

0830 am Personal Income

1000 am ISM manufacturing

1000 am Construction spending

Europe Has Wall Street's Bull on a Short Leash

Markets in the week ahead will again be pulled by every real or rumored development out of Europe, as investors await Friday’s U.S. employment report.

AP

The four-day week starts off slowly with markets closed on Memorial Day in the U.S. but by Thursday and Friday, a large batch of economic reports should provide a good look at the jobs picture, consumer spending and manufacturing activity.

“Even if we do get a good jobs number, you can throw it out the window if Europe falls off further,” said Peter Boockvar, market strategist at Miller Tabak.

“The equity market action in the next week is going to be influenced by news out of Europe,” said Morgan Stanley U.S. equity strategist Adam Parker. Parker said Morgan Stanley expects the jobs data to continue at the more sluggish recent pace than the 200,000-plus reported in the first couple of month of the year. Morgan’s forecast is for 160,000 nonfarm payrolls.

The monthly sales reports from auto makers on Friday and chain stores on Thursday should give a good read on consumer activity, and the ISM survey Friday should be an important look at manufacturing.

Boockvar said even without any scheduled summits or meetings, headlines from Europe will set the direction for markets ahead of the Greek election. The latest polls show Syriza, the leftist party opposed to the Greek bailout and austerity, is barely leading and no party is close to a majority.

“We’ll trade off every poll. The Greek election is not until June 17. Anything before that is just noise unless there are policy decisions taken by the ECB (European Central Bank) and authorities before that election, in the event that they need a contingency,” he said. “I don’t think we go into that day without any news from the euro zone or the ECB. There’s got to be a back stop.”

http://www.cnbc.com/id/47570437

Economic Calendar:

Monday May 28	Tuesday May 29	Wednesday May 30	Thursday May 31	Friday Jun 1
US Holiday: Memorial Day Bond, Equity Markets Closed International Perspective » Simply Economics »	Market Focus » S&P Case-Shiller HPI 9:00 AM ET Consumer Confidence 10:00 AM ET State Street Investor Confidence Index 10:00 AM ET Dallas Fed Mfg Survey 10:30 AM ET 4-Week Bill Announcement 11:00 AM ET 3-Month Bill Auction 11:30 AM ET 6-Month Bill Auction 11:30 AM ET	Bank Reserve Settlement MBA Purchase Applications 7:00 AM ET Challenger Job-Cut Report 7:30 AM ET ICSC-Goldman Store Sales 7:45 AM ET Redbook 8:55 AM ET Pending Home Sales Index 10:00 AM ET 4-Week Bill Auction 11:30 AM ET 52-Week Bill Auction 11:30 AM ET William Dudley Speaks 1:00 PM ET Richard Fisher Speaks 1:20 PM ET Eric Rosengren Speaks 4:30 PM ET	Weekly Bill Settlement 52-Week Bill Settlement 2-Yr Note Settlement 5-Yr Note Settlement 7-Yr Note Settlement 10 Yr TIPS Settlement Chain Store Sales ADP Employment Report 8:15 AM ET GDP 8:30 AM ET Jobless Claims 8:30 AM ET Sandra Pianalto Speaks 8:30 AM ET Corporate Profits 8:30 AM ET Chicago PMI 9:45 AM ET Bloomberg Consumer Comfort Index 9:45 AM ET EIA Natural Gas Report 10:30 AM ET EIA Petroleum Status Report 11:00 AM ET 3-Month Bill Announcement 11:00 AM ET 6-Month Bill Announcement 11:00 AM ET Farm Prices 3:00 PM ET Fed Balance Sheet 4:30 PM ET Money Supply 4:30 PM ET	Motor Vehicle Sales Monster Employment Index Employment Situation 8:30 AM ET Personal Income and Outlays 8:30 AM ET ISM Mfg Index 10:00 AM ET Construction Spending 10:00 AM ET

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I just want to take this opportunity to welcome back Stockjock-e.

Quote:

Originally Posted by Stock King 

really Bob? this early? Have a fun long weekend 

I gave SJ the rest of the week off. lol

Quote:

Originally Posted by StockJock-e 

No rest for the wicked.

 

Reprint of my chart from the 19th, I think we may have a bit more room for a bounce, but around 1340-1350 the air gets thin unless the bulls get some QE3 or other good news to get us over those levels.

 

 

 

Per your instructions I'll go short at 1350.

Quote:

Originally Posted by rg7803 

Just a final thought, that can be helpfull for some of us, the beguinners mainly, that it was hard for me to understund, not the concept, but his true meaning:

 

-in bull markets, suports are far more important than resistances,

-in the oposite way, in bear markets resistances  are far more relevant that suports.

 

Why? Simply because they surely show you when trend is changing. Examples are easy to spot: if you are chasing a stock, for example, making new lows every week, trying to pick the bottom, in 90% of cases you will loose money and feel unhappy with your trading. The aproach should be the oposite way: that stock (index, ETF, Future....) after making new lows is showing sufficient strong to breakout resistances above it? Yes? Than thats a true sign reversion is happening.

 

The same aproach can be used the oposite way in bull markets.

 

Hope this is helpfull.

I agree RG. A good general 'rule of thumb'.

Quote:

Originally Posted by Jamesw 

 

Probably should fix this so no one gets confused.

If that confused anyone they probably shouldn't be reading it.

Quote:

Originally Posted by Jamesw 

The data timings were mis-represented on some events in addition to the one date.. I wouldn't say that... Anything can happen.

Like what?