By Markus Heitkoetter
Following a dip at the beginning of the session, stocks spent most of the trading day in a range. At the end of the day stocks were mixed.
The S&P ended the session 3 points lower at 1961.63. The E-Mini S&P traded in a 14.5 point range compared to a recent Average Daily Range of 38.25 points.
Meanwhile the DOW ended the session 13 points higher. A late session surge in the DOW was just enough to end the day at 16817.94 in positive territory.
It’s all about earnings and the Fed…
According to Bloomberg, 80% of the S&P companies that have reported earnings have beaten estimates. Earnings were definitely a catalyst for last week’s 4% rally, and they will continue to be a catalyst this week for any market moves.
The Fed will also play a big role this week with Wednesday’s FOMC Statement and Fed Funds rate decision. The lingering question is just WHEN will the Fed start to raise interest rates. Any insight or hints at an answer will likely stir the markets.
Metlife Inc (MET), one of the nicest trending stocks of the year, just gave a Power Crossover Method Buy Signal. With today’s 1.36% gain Power Crossover traders had a buy signal to consider at $50.89.
Conservative traders using the Average Daily Range Profit Target would look for an exit at $53.59. Today’s signal is a little aggressive since MET will report earnings after the closing bell on Oct. 29th.