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We traded today with Bull Put Spread on SPY with short leg at $159, it got filled completely at 3%. Fed is not tapering off bond buying program yet but indicated that if its Forecast of economic improvement stays on the course, it will start tapering off the bond buying later this year and it sees QE ending by mid-2014 with unemployment rate being about 7% that time. FOMC stands ready to quickly adjust buying more before or after tapering the purchases if economic situation worsens. Most of the Feds see beginning of interest rate hike in 2015. Markets fell in earnest as the reality of a tapering and then ending in QE sank in - even as the chairman was at pains during Press Conference to prove it's anything but a tightening move. Major indexes lost between 1.1% and 1.4% for the day. SPY closed at $163.45 leaving a cushion of $4.45 for our trade with two days of trading left for the week.

 We'll have series of data released in the US tomorrow including weekly jobless claims, PMI Manufacturing Index flash, Bloomberg Consumer Comfort Index, Philly Fed Survey, Leading Indicators and Existing Home Sales data. Overseas we'll see Leading Economic Index data from Japan, PMI data for European Union and retails Sales data from UK. Let's see how Markets trade tomorrow.

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Stocks advanced higher again today after Investors gained some more confidence that Fed will not rush into tapering off the Bond-Buying program in the announcement tomorrow. Stocks were also supported by the strong Housing Starts data and lower Consumer Price Index suggesting Inflation is not a concern for continuation of stimulus program. It was straight sixth day with triple digit move for Dow. Small-cap Russell  2000 closed at all time high, with IWM just shy off $100 mark. Major indexes added between 0.75% and 0.9% for the day with S&P 500 closing above 1650 level.

Tomorrow we'll have FOMC meeting announcement followed by Bernanke's Press Conference in the afternoon. Overseas Bank of England Meeting Minutes is scheduled to be released tomorrow. Let's see how the Markets react tomorrow afternoon.

Stocks rose today after posting losses on Friday. Japan's Nikkei jumped 2.7% for the day showing some strength after losing ground for several days. That helped global markets and the US equities. Stocks were higher more than 1% in the morning session but lost more than half of the gains after Financial Times' Robin Harding pointed in an article that Fed is like to signal coming taper in the press conference on Wednesday afternoon. Stocks later recovered some gains after Investors realized the article was not so much different than the one from Jon Hilsenrath last week which boosted the Markets on Thursday. Major indexes added between 0.75% and 0.85% for the day.

FOMC meeting starts tomorrow. We'll also see Consumer Price Index and Housing Starts data released tomorrow. Overseas we'll have European Central Bank President Draghi scheduled to speak and Consumer Price Index and Inflation data released from UK.

We safely made 2% this week. Stocks posted moderate losses for the day as Investors booked profits after big gains yesterday. Producer Price Index came in higher than expected showing some concern about inflation but the data was in-line removing food and energy. Consumer Sentiment also slid and came in below expectations after reaching highest level last month. IMF cut it's GDP forecast today for US for both 2013 and 2014 and indirectly requested the Central Bank to continue bond buying at the current pace through end of 2013. Investors shifted their focus to Fed and FOMC Meeting next week and major indexes lost between 0.6% and 0.7% for the day.

Next week is the most anticipated week in last several weeks for Traders across the world as FOMC meets for two days with the announcement coming Wednesday afternoon. We'll not be trading until last hour on Wednesday.
Have a great weekend!

Stocks rallied today after strong economic reports on Retail Sales data and Weekly Jobless Claims this morning. Weekly Jobless Claims fell by 12K from last week and Retail Sales data were 0.6% for May versus expectation of 0.2% led by strong Car Sales. Japan's stock market officially entered in bear territory today nearing the level seen before the announcement of turbo-charged stimulus measure by Bank of Japan in the beginning of April. US Stock futures were negative early in the morning following big losses in Japan and rest of Asia. But the stocks opened near flat line after strong economic data and then moved higher in light volume trading. An article by Wall Street Journal's Fed Watcher Jon Hilsenrath in the afternoon mentioned that the tapering of Fed's Bond buying program doesn't mean the bond buying is going to stop all at once and the beginning of interest rate hike is still far away. That helped the stocks in the last hour trading to close even stronger. Major indexes posted between 1.2% and 1.5% for the day. SPY closed at $164.21 leaving a cushion of $5.21 for our trade with last day of trading left for the week tomorrow.

We'll have Producer Price Index, Industrial Production and Consumer Sentiment data on the deck tomorrow morning in the US. Overseas, we'll have Bank of Japan Monetary Policy Meeting Minutes released in Japan and Consumer Price Index data released form Europe.

Stocks slid again today on the strength of Japanese Yen against the US Dollar. Investors are watching what’s happening in Japan, especially as their stock and bond markets have been riding a roller coaster over the past several weeks. Attitudes fluctuate almost daily about the new government’s economic program and the Bank of Japan's big bond-buying effort, which are ripping through to emerging-market currencies, European stocks and now U.S. equities.

The Dow opened up as many as 119 points, but those gains quickly evaporated and the blue-chip average fell into negative territory by lunchtime. These intra-day reversals are starting to become commonplace: The Dow has now moved more than 100 points in seven of the eight trading days this month. Major indexes lost between 0.85% and 1% by the closing bell. SPY closed at $161.75 leaving a cushion of $2.75 for our trade with two days of trading left for the week.
We'll have weekly jobless claims, Retails Sales data for May, Import & Export Prices, Bloomberg Consumer Comfort Index & Business Inventories data released in US tomorrow. Overseas we'll have ECM Monthly Report released for European Union.

Stocks were sharply lower today after Bank of Japan kept its ultra-loose monetary policy unchanged but used slightly more positive language for the economy as a whole, which was expected. However, some market participants had hoped that the bank would lengthen the duration of one-year low-interest loans to banks to address the volatility in the bond markets. Stocks recovered from the steep losses during mid-day supported by strength in US treasury yield but the weak auction later in the afternoon didn't help and Stocks closed near the Session lows. SPY closed at $163.10 leaving a cushion of $4.10 for our trade with three days of trading left for the week.

Tomorrow is going to be the light day again for US economic calendar, we'll have treasury budget data released in the afternoon. Overseas, We'll have Consumer Price Index data out of Germany and Unemployment count from UK. German Constitutional Court should also be ruling on legality of ECB's latest bond buying program tomorrow. Let's see what tomorrow morning brings.

We trade today, Bull on SPY with short leg at $159 for 2% and it got filled completely. It was a quite day from US economic data release. St. Louis Centrist Fed Chief James Bullard provided a mixed indications this morning in his speech for FOMC's next move saying Labor Market Conditions are getting better opening a way for Fed to start tapering off stimulus. He also said that Inflation data is well below the target so that opens the door for continuing the stimulus for long time. S&P upgraded its outlook for long-term rating for the US from negative to stable this morning. Stocks started the day higher and then traded lower after first half an hour and traded within short range throughout the day. Major Indexes were virtually flat by the closing bell. SPY closed at $164.80 leaving a cushion of $5.80 for our trade with 4 days of trading left for the week.

We'll see Small Business Optimism Index data and Wholesale Trade data released tomorrow morning, nothing that can really move market in any direction. Overseas we'll see Interest Rate Decision from Bank of Japan and Industrial Production data out of UK.

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