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Good Morning I am Samson Jagoras coming to you from the Traders Network trading desk on Tuesday May 31st. As you would expect after any holiday, three day weekend, the markets were anxious to move. We traded both sides to start the night off only to see all most of the markets move higher against a weaker dollar. The stock market was strongly higher with the S and P up 12 Points and the Dow up 105. As we have been talking about over the past few weeks these markets are beginning to find a base. However I think that there is a need for a pull back in order to build more strength. A look at the currencies chart shows that a pull back would be healthy and most likely offer some good opportunity. In our newsletter we tried to go long the Euro however we were washed out before the rally. But we will be looking for the next set up. In headline news there is some talk in regards to another Greek Bailout but as it stands right now it is all in speculation that Germany may abandon a push for an early rescheduling of Greek debt. Stay in touch with this news. In other news the HO– USE will be voting on the raising the US debt ceiling this even after the markets close. They are attempting to raise the debt limit by 2 trillion dollars without any plan for spending cuts; which is true to fashion for our government.
Be prepared for:
-Bank of Canada Announcement
9:00 AM ET
-S&P Case-Shiller HPI
9:00 AM ET
-Chicago PMI
9:45 AM ET
-Consumer Confidence
10:00 AM ET
-Export Inspections at 10 am ET
-State Street Investor Confidence Index
10:00 AM ET
-Crop Progress at 5pm ET