Two Ways To Play: No Shirt, No Shoes, No Service Sector?
Strengthen your portfolio in good times and bad.
The Institute for Supply Management will release figures pertaining to its index of non-manufacturing businesses at 10:00 a.m. The index is representative of the service sector, which comprises almost 90% of the US economy. According to Bloomberg, the sector very likely contracted at the fastest pace on record (recordkeeping began in 1997).
See Professor John Mauldin's A Protracted Bear Market? for more greater context on the economy.
From the Bull Pen: As dismal as the numbers may be, bulls can still consider uptrending stocks like Chipotle Mexican Grill (CMG) for a trade. A sell stop can be set below $60 for the near term.
From the Bear Cave: Bears can consider Wynn Resorts (WYNN). The $60 level could provide them with a better downside entry point. Buy stops can be set above that level.
Quick Check Around the World
Asian trading closed with the Hang Seng -0.35%, Nikkei 0.42%, Sensex 0.59%, Taiwan 0.62% and Shanghai 3.00%.
Glancing towards Europe, we see the CAC 1.31%, DAX 1.52%, FTSE 1.42%
As of 8:10 a.m. EST, S&P futures are trading +7.60 to 935.00, and Nasdaq futures are +10.5 to 1275.00.
A Look At Commodities
Crude oil is trading +0.87 to 49.68. Gold is -15.30 to 842.50. Silver is -0.37 to 10.900, and copper is +7.25 to 153.15.
The dollar index is +1.215 to 84.7900.
On the Radar
10:00 ISM Non- Manf. Composite 37.0
10:00 Factory Orders -2.5%
10:00 Pending Home Sales -1.0%
02:00 Minutes of FOMC Dec 16th meeting
Click here for the full trading radar.
Good luck and have a great day!
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