From the desk of Joe Rios
The S&P 500 rose to record highs during the week but with very little momentum until midday Friday, rallying higher following positive news from Greece. The agreement with the 19 Euro members extends bailout funds for four months, Greece now has until the end of Monday to complete a list of policies in return for the continued funding. Finance chiefs will then decide whether the proposals go far enough or trigger another round of emergency negotiations this week. The step forward removed the threat of the ECB pulling the plug on Greek banks, a risk that may have sent Greece crashing out of the Euro.
The NASDAQ led the stock indices higher closing the week 1.5% higher. In the Commodity market Natural Gas led higher by 4.8% followed by Soybeans gaining 1.2%. The bearish leaders included Silver dropping – 6.1%, Wheat -5.0% and Crude Oil – 3.8%.
In the Currency market the US dollar traded slightly higher against both the Euro and the Japanese Yen but in a very choppy and range bound trading environment.
We have a busy economic calendar in the week ahead with plenty of housing data including new sales, existing sales, pending sales, Case-Shiller and the mortgage index. Traders will also focus on testimony from Fed Chair Yellen before two congressional committees.
Important announcement: Be the first to see the first Forex trading indicator of it’s kind! Join us for this special launch during Tuesday’s EDU workshop. Registration link is below.
Joe Rios
Chief Strategist
Live Trading Rooms and Events:
The Trading Room® TradeLAB – Global Trading with Quantitative Technologies
RQ trade coaches include Agustin Criado and Joe Rios. Live demonstration of our pre-market quantitative analysis, real-time trading signals with RQ algorithmic technology, strategy performance review and Q&A session.
Monday thru Friday – Beginning at 7:30 am and ending at 10:30 am ET
RQ EDU Workshop Training – A EURO-MANIA WEEK: How The Forex Market Really Works
Tuesday – Starting at 8:00 pm and ending at 9:00 pm ET.
Another first from RiosQuant! New product launch developed specifically for the currency market. Imagine having at your fingertips and easy to read carry-trade alert as well as knowing which currencies the large players are rotating into. It’s the only Forex tool of its kind! We are on a mission to make 2015 the best trading year yet. Training lesson will include:
1- The Secret to Currency Selection
2- Avoiding the Traps of Events Trading
3- The Big Boy’s Easy Money, The Carry Trade
4- Identify Rotation Flows Instantly
The Insider’s Quant (I.Q.) Room – Advanced concepts with Joe Rios
Training begins at 11:00 AM and ends at 12:30 AM ET.
* Monday – What’s Next in The Week Ahead
Forecasting, Planning and Developing Themes
*Wednesday – Strategies that Work
* Friday – Insider’s Round Table
What’s Hot and What’s Working Now, Week’s Review and Insider’s Discussion Meetup
Subscription Only – Request a free trial here.
Monday
4:00 AM EUR German Ifo Business Climate
10:00 AM USD Existing Home Sales
Tuesday
9:00 AM EUR ECB President Draghi Speaks
10:00 AM USD CB Consumer Confidence
10:00 AM USD Fed Chair Yellen Testifies
2:00 PM CAD BOC Gov. Poloz Speaks
8:45 PM CNY HSBC Flash Manufacturing PMI
Wednesday
10:00 AM USD Fed Chair Yellen Testifies
10:00 AM USD New-Home Sales
10:30 AM Crude Oil Inventories
11:30 AM EUR ECB President Draghi Speaks
4:45 PM NZD Trade Balance
7:30 PM AUD Private Capital Expenditure
Thursday
4:30 AM GBP Second Estimate GDP
5:15 AM EUR Targeted LTRO
8:30 AM CAD CPI
8:30 AM USD CPI And Unemployment Claims
10:30 AM Natural Gas Storage
7:00 PM NZD ANZ Business Confidence
Friday
All Day EUR German Preliminary CPI
8:30 AM USD Preliminary GDP
9:45 AM USD Chicago PMI
10:00 AM USD Pending Home Sales
