Futures were trading on both sides of the ledger ahead of this morning’s open, indicating a choppy session. The action hasn’t been dramatic as near-term support is holding with the market likely in a wait-and-see mode ahead of President Trump’s speech to Congress on Tuesday night.
Larger price swings could come on Wednesday but I expect the action to remain tight ahead of any news. Updates on ObamaCare and taxes will be the main hot topics of interest along with how fast they might be rolled out. The President is meeting with the insurance companies today in DC so the sector could lead the market higher, or lower this week.
Other areas of interest in my playbook are earnings and gold. We already have one earnings trade in play this week and I won’t likely take another, unless DDD is a winner. In any event, there are some of the stocks I expect to make the biggest moves this week.
After today’s close – Hertz Global Holdings (HTZ), NutriSystem (NTRI), Tenet Healthcare (THC) and Workday (WDAY) will be on the move in after-hours trading.
3D Systems (DDD), Ambarella (AMBR), Domino’s Pizza (DPZ), Salesforce (CRM), and SeaWorld Entertainment (SEAS) will announce earnings on Tuesday.
Wednesday highlights include: Best Buy (BBY), Box (BOX), Monster Beverage (MNST), and Shake Shack (SHAK).
Autodesk (ADSK), Costco Wholesale (COST), JD.com (JD), Kroger (KR), Scientific Games (SGMS) and Wingstop (WING) will confess their quarterly results on Thursday.
Big Lots (BIG) reports their numbers ahead of Friday’s open with shares likely making water-cooler chatter on a possible 5%-10% move.
Elsewhere, Gold ($GOLD, $1,264, up $6) closed above the $1,250 level last week and is zeroing-in on its 200-day moving average and resistance at the $1,260-$1,265 area. Continued closes above the latter would be a bullish development with a clear shot at $1,300-$1,325 in the coming weeks. The 50-day moving average is curling higher and the 100-day moving average is starting to flatten out.
Turning to the market, the Dow is lower by 11 points to 20,810 while the S&P 500 is down a point to 2,366. The Nasdaq is off 2 points to 5,843 and the Russell 2000 is up 5 points to 1,399.