Major indices bounced back from some profit taking and over reaction yesterday. Today’s rally keeps the bulls alive while building a more convincing bottom. While we await further news out of Europe , buyers are anxious to leg into long trades. Option expiration week will certainly provide some extra choppiness for both sides.
Here are some events coming up that could impact trading:
1) June 13 – JPM’s J. Dimon to testify before Senate Banking Committee
2) June 13 – German political parties meet to discuss a possible “growth pact” and a European Redemption Fund
3) June 13 – USA PPI and Retail Sales and Italy sells 12-month T-bill for E6.5bln
4) June 14 – SPY Dividend ~70cents
5) June 15 – the quarterly share rebalance for the S&P 500, S&P MidCap 400, S&P SmallCap 600 Indices at the close
6) June 17 – Greece Vote
7) June 18 to June 25 – Potential ruling from Supreme Court on health care legislation, probably will find part or whole unconstitutional, could cause a nice rally
8.) June 20 FOMC rate decision
