Even with the big news, the market still remains contained. DIA has not taken out $100, the QQQQs have not yet taken out resistance at $43.50 and FXI is trying to make a new high but hasn’t done so yet. I’m still just focusing on specific positions and letting the market sort itself out. It is tempting to short right up here at resistance but things could zoom up quickly if the Dow breaks 10,000.
At 2pm, we have the Fed minutes. Tomorrow we have initial jobless claims, CPI and the Philadelphia Fed. We have a ton of earnings reports tomorrow as well. GS, C and NOK (among others – see link to Briefing.com earnings calendar for complete list) report in the morning. IBM and GOOG report after the bell tomorrow.
It is possible things get going later today but for now the market remains contained within the overnight range. We wait.