The U.S. Markets, after bouncing off of multi-month lows, have been chopping sideways, but rallying over the last few days on weak volume. All major markets finished strong into the close ahead of Thursday’s Fed Announcement regarding a possible increase of interest rates in September. Both the decision and the reaction to the decision remains uncertain for most. To get weekly incredible insights, forecasts, and trade ideas from Courtney Smith, a top 40 year pro, click here: http://www.optionsuniversity.com/weekly-stock-market-forecast/
The CBOE Volatility Index (VIX), after spiking, has been drifting lower in recent days, and has settled in the low 20’s, just above the higher end of the previous volatility range. With the Fed meeting happening , it is possible that things could get choppy around the announcement about whether or not interest rates will be increased this month. Options traders in particular can thrive in most any circumstances. To learn how to trade them yourself with the very best education, click here: http://www.optionsuniversity.com/academy
OVERSEAS: In Asia, Chinese markets were led to the downside by Shenzhen and Shanghai with both dropping about 2%. Chinese authorities are targeting a senior regulatory official for possible corruption. Other Asian markets, such as the Nikkei, remained strong. European stocks were mixed and relatively flat in overnight action.
OIL: Last week oil inventories actually decreased slightly, and prices firmed slightly back into the upper $40’s per barrel. A decrease in imports appears to be a primary reason. However with refineries working at high capacity, the gasoline inventories have increased somewhat.
JOBS: The U.S. weekly jobless claims were down about 11K compared to the previous week, and also 11K below expectations (264K actual claims vs. an expectation of 275K). It is possible that a shortened Labor Day work week could part of the reason for the low number.
HOUSING: New housing starts fell back a bit in August, but permit applications remain robust.
BIOTECH INSIDER: Despite recent broad selling pressure, there is still a great number of biotech trading opportunities. In fact, our resident biotech expert highlighted Collegium Pharmaceuticals’ Xtampza ER – an abuse-deterrent analgesic for the treatment of chronic pain – as a buying opportunity. As noted, “As the date approaches, there is potential for the stock to appreciate from current oversold conditions on positive Phase III clinical trial results.” Eleven days after that note, the stock jumped 39% on news an FDA advisory panel highly recommended approval of the drug. The FDA will now consider the panel’s recommendation as it nears its goal date of October 12 for completion of its drug review. Join us for a BIOTECH SECRETS FREE WEBINAR this Monday so you can learn to trade this amazingly lucrative market. To register, click here: https://attendee.gotowebinar.com/register/2223862691998710529
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