Blue chips are outperforming tech stocks Friday morning, but premarket action is largely random.
We have some Federal Reserve members speaking today and the housing starts report. That’s usually not a market-moving data point, but we could see a rally in housing-related stocks if the number is positive — which it was…
Housing starts rose 1.9% versus expectations of -0.6%, and building permits rose 1.1%.
I would not trade the first 45 minutes or so Friday in order to let things shake out a bit.
The S&P 500 (SPY) appears to be building a base. I was afraid we’d start to come back down after filling the gap higher, but things are holding steady so far.
The Nasdaq 100 (QQQ) is at previous highs from back in July, so there is a clear upside bias.
Russell 2000 (IWM) small caps are still bearish, and even though the market is bullish, I’d wait for IWM to cross above $182. Until it moves above the 200-day moving average, it’s not in play for me.
As far as rates, I think the Fed will wait until next year before hiking again, and we could see one in February or March… But chances for a rate cut by March are rising…
I’ll cover all that and more in this morning’s “Premarket Must Watch” video!
In today’s all-new briefing…
I’ll discuss whether bulls or bears will be in charge today… if bond yields are going to rise of fall… if the Fed is ready to lower rates… today’s big economic reports and which sector is sensitive to the data… and the stocks I’m targeting right now and why!
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