The S&P 500 is now squarely back in the middle of the range where it has spent most of its time since early 2015. In order to get there, the S&P has surge over 10% in just a few weeks, and has, in fact, gone higher than it was prior to the drop that occurred in August. The next major resistance point on the upside would represent all-time highs. The Nasdaq has been even stronger, managing to top the high point established in July. Strong earnings and revenue for Facebook has led to knew highs in the stock as it beat expectations on every major metric.
The CBOE Volatility Index (VIX) has rallied somewhat from recent lows back above 15, but remains relatively low. The Fed has stated that a rate hike at its next meeting in mid- December is a “live possibility”. This would be the first rate hike in over a decade, and could cause the VIX to spike, despite the positive seasonal bias. To get the inside scoop on how to trade all markets, click here: http://www.optionsuniversity.com/academy
OVERSEAS: Major Asian markets are mostly positive, as there are even talks of the Shanghai composite entering a new bull market. Projections for China GDP growth over the next five years are 6.5% or better. European markets were mixed and relatively quiet.
OIL: Crude inventories remain elevated as OPEC is not the only one keeping production at high levels. Despite some ups and downs, oil prices remain little changed over the last week, having settled in the mid 40’s per barrel.
JOBS: The ADP payroll projections estimate the creation of 182K new jobs, versus a revised expectation of about 185K. Previous estimates were over 200K. Meanwhile new jobless claims popped up to 276K this week, well above the projected 262K. While these figures are disappointing, analysts still believe that the sag will not be enough to derail a rate hike in December. Another key employment report will be out Friday.
BIOTECH INSIDER: Days after reporting that AbbVie Inc. dropped more than 14% on an FDA warning, shares of the stock appreciated 32%. However, it’s not the only biotech stock making headlines at the moment. Shares of ACADIA Pharmaceuticals have gained 27% over the last two weeks after the FDA granted priority review for the company’s Parkinson’s disease Psychosis (PDP) drug that may be able to help five to seven million patients with no current treatments. The FDA priority review now accelerates the timeline for review of the drug from 10 months to six months. A target date of May 2016 has now been set for review. This drug has multi-billion-dollar potential upon approval, note analysts. To gain further expert insight on biotech opportunities, please visit: http://optionswealthinsiders.com/biotechv2/. And to get further information on just how profitable biotech investing is, please view our free educational video here: http://www.optionsuniversity.com/blog/biotech-big-money-secrets-recording/
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