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Looking Ahead to Thursday's Market

August 8, 2012

by Don Moenning

Quick Recap of Wednesday’s Session:

Stocks finished narrowly mixed in an uneventful session of trading. Major indices opened the day a little lower following European equities, though they recovered quickly and rallied into positive territory by the early afternoon. Trading was extremely quiet with little volatility. Though there were no meaningful directional drivers for today’s action, focus continues to center on policy response expectations from the Fed and the heightened willingness of the ECB to use its balance sheet to protect against the breakup of the eurozone. Major indices finished mixed and mostly flat.

S&P 500 +0.06%, NASDAQ -0.15%, DJIA +0.05%, Midcaps +0.05%.

Looking Ahead to Thursday:

  • Overnight we get some housing data from the U.K., and Trade Balance from Italy and the U.K.
  • Before the bell here in the U.S. we get Weekly Jobless Claims and International Trade.
  • Shortly after the open is the Bloomberg Consumer Comfort Index at 9:45am EST, and then Wholesale Inventories at 10:00am EST.
  • This week has been quiet and uneventful. Thursday’s data could create a little movement, but likely not the kind of movement we’ve seen on a day-to-day basis this summer. It is worth noting that the market is now overbought in the short-term, which could warrant a pullback as we head into the end of the week.

     

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