This week we will see earnings begin to move into full gear with Bank of America (BAC), Goldman Sachs (GS), Johnson & Johnson (JNJ), Netflix (NFLX), and American Express (AXP) all reporting. This week’s economic calendar will contain important data concerning the housing industry. Housing starts, existing home sales, and building permits will all be released this week. In addition, investors will be looking at Wednesday’s FOMC minutes for clues as to the Federal Reserve’s future movement on interest rates. As of this writing, U.S. crude oil futures (/CL) are 0.7% higher near $72 per barrel and S&P 500 (SPX) futures (/ES) are down slightly near 2765, after recovering from a drop of $20 earlier this morning.
Forex and stock traders are looking for the consistently wrong investor, trader and take the opposite position. This will obviously lead to winning trades for them. All traders have read trading books that point out that increasing volume is good for the continuation of the trend. Many new stock traders will try and fight the trend.
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