Stocks Quiet Heading into Long Weekend

February 16, 2018 8:41AM CST

Following five straight days in the green, stocks are pretty quiet leading up to the opening bell.  The Housing Starts data came out slightly better than expected this morning, while the Import and Export Prices data showed higher than expected numbers on both fronts.  Consumer Sentiment will be released shortly and is expected to come in at or around 95.5.  Outside of that, today’s slate of data is pretty light.   

Stocks have put together a solid recovery following the massive correction we saw to kick off the month of February.  Considering that we’re already seeing the best week in just over five years, it wouldn’t be surprising to see a bit of profit taking ahead of the long weekend.  It will be interesting to see how the market responds to the selloff moving forward, but I don’t believe all that much has changed from a fundamental standpoint.  Stocks simply moved too far too fast and were in need of a correction.  Next week’s data is pretty light as well, but traders will be looking for some hints about potential rate hikes from the FOMC minutes on Wednesday afternoon.    

E-mini S&P 500 Mar '18 Daily Chart


RJO Futures | 222 South Riverside Plaza, Suite 1200 | Chicago, Illinois 60606 | United States
800.441.1616 | 312.373.5478

This material has been prepared by a sales or trading employee or agent of RJO Futures and is, or is in the nature of, a solicitation. This material is not a research report prepared by RJO Futures Research Department. By accepting this communication, you agree that you are an experienced user of the futures markets, capable of making independent trading decisions, and agree that you are not, and will not, rely solely on this communication in making trading decisions.