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A Look Ahead: Next Week's Market-Moving Events

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Although the S&P is down, stocks are poised to move higher.

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MINYANVILLE ORIGINAL Although the S&P 500 (INDEXSP:.INX) lost about 1.5% this week, I believe stocks want to move higher. Pre-market futures indicated a higher open for each of the five trading sessions, only to be pressured lower during trading hours on worries over the fiscal cliff. Once a resolution to the fiscal cliff is apparent, expect a significant rally.

Next Week's Market Moving Events:
  • Monday: Oil prices may gyrate as tensions between Israel and Hamas continue to rise. The existing home sales report at 10:00 a.m. EST will be the key economic report of the day.
  • Tuesday: Housing starts data is released.
  • Wednesday: This will be the week's busiest reporting day and is also likely to be a light volume day. Jobless claims, consumer sentiment, leading indicators, and EIA petroleum reports are all on tap.
  • Thursday: Happy Thanksgiving
  • Friday: Expect light trading volume on this half-day. Should there be a rally, investors might be able to take advantage of some option pricing discrepancies today.
The Trade: With politicians on holiday, action in the Middle East heating up, and our expectation for a volatile December, continue to take advantage of any broad market rally to sell weaker names and buy puts for your portfolio.

Follow Oliver Pursche on Twitter: @opursche.
No positions in stocks mentioned.
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