Two Ways: One Step Closer to Stimulus
Strengthen your portfolio in good times and bad.
Repbublicans Get On Board
The Senate voted yesterday to expand the economic stimulus package with a tax credit for homeowners of up to $15,000. According to the New York Times, the provision is championed by Republicans who view the housing crisis as one of the root causes of the recession.
With this addition, which will cost approximately $18.5 billion, the Senate appears to be close to completing its negotiations. Majority Leader Harry Reid suggested that a final vote could come as soon as today. For more, see Toddo's The Precipice of Change.
From the Bull Pen: The faster this bill gets passed, the faster investors will get a sense of clarity. Consider Verizon (VZ) for a trade. One option is to enter a position as it falls toward $30. A sell stop can be placed near $29. But beware of a gloomy jobs report tomorrow morning.
From the Bear Cave: Is the dollar's rally coming to an end? Bears can play the Bearish Dollar ETF (UDN); a sell stop can be set near $24.50.
Quick Check Around the World
Asian trading closed with the Hang Seng 0.88%, Nikkei 1.11%, Sensex -1.21%, Taiwan -0.61% and Shanghai -0.46%.
Glancing towards Europe, we see the CAC -1.23%, DAX -0.81%, FTSE -0.71%,
As of 8:00 a.m. EST, S&P futures are trading -6 to 824.00, and Nasdaq futures are -20 to 1194.00.
A Look At Commodities
Crude oil is trading +0.18 to 40.50. Gold is +16.2 to 918.40. Silver is +0.33 to 12.800, and copper +0.10 to 153.20.
The dollar index is -0.0500 to 86.0250.
On the Radar
08:30 Nonfarm Productivity 1.0%
08:30 Unit Labor Costs 3.0%
08:30 Initial Jobless Claims
08:30 Continuing Claims
10:00 Factory Orders -3.0%
Click here for the full trading radar.
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