Monday's Market Minute: As Always, The Waiting Is The Hardest Part...

It's still another week until we hear from the Fed, (FOMC meets September 21-22) and headed into the meeting next week speculation as far as when and if the Fed taper will begin remains high. But between now and then we have multiple focal points to keep an eye on: some data that could move markets. Let's take a market minute to have a look at what's to come and what you should keep an eye on this week.

First, in terms of economic data this week, we begin with the monthly OPEC oil report on Monday. Tuesday, it's all eyes on Consumer Price Index (CPI) to provide some insight as far as the scope of inflationary pressures. On Wednesday, keep an eye on Crude Inventories, Industrial Production, and Imports and Exports, as well as comments from the Atlanta Fed. The second half of the week is busy for traders as well with Retail Sales, weekly Jobless Claims, the Philly Fed, and lastly Consumer Sentiment data due out Friday.

There’s still a couple of companies reporting results; Oracle will begin the week with 1Q results Monday on the close, but we also have Weber and JinkoSolar as earnings season winds down this week. Don’t forget about Quad Witching Friday; expiration oftentimes adds to volatility, especially into the close. Often, the last few minutes of Friday afternoon we see significant price swings with little rhyme or reason tied to stock index futures, stock index options, stock options, and single stock futures expiring. We also have futures rolling this week.

As far as markets we continue to keep an eye on, we have U.S. indices at or near new all-time highs and still showing no sign that the trend up has been rejected as of yet. Commodities have also been on the move; to begin the week Aluminum (traded in London) reached levels we haven’t seen in 13 years. At the same time, iron ore is off 10 of the last 11 sessions. Last week, Natural Gas traded above $5 to levels we haven't seen since 2014, crude is back above $70 to begin the week, and copper testing $4.50 while the U.S. Dollar and rates here in the U.S. remain very much range-bound and limited in terms of direction conviction, and many argue those are signaling the “wait and see” mode we're in could continue for some time.

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