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Beware The Ides Of March: S&P 500 Hits New High?

Published 03/14/2013, 11:58 AM
Updated 07/09/2023, 06:31 AM
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This morning, the S&P 500 Index e-mini futures (ES-H3) are trading higher by just 0.25 points to 1562.50 per contract. The major stock index futures are quiet ahead of the opening bell as the market moving institutional firms try to digest all of the recent gains. Today, many traders and investors are expecting the S&P 500 Index to possibly close at a new all time high. Normally, on a Friday we would expect a flat to slightly positive trading session by the end of the day. This is also the Ides of March which has caused some erratic action in the past, so that is worth noting.

Last night, the Asian markets were mixed. The big winner in the region was the Nikkei 225 Index (Japan) finishing higher by 1.45 percent. It seems that the Japanese government just hired more money printers to be part of the Bank of Japan. Traders should watch for strength in the Japanese ADR's if the U.S. market is strong. Some leading Japanese equities that could be volatile include iShares MSCI Japan Index (ETF) (EWJ), Canon Inc. (ADR) (CAJ), Toyota Motor Corporation (ADR) (TM), Honda Motor Co Ltd (ADR) (HMC), and Panasonic Corporation (ADR) (PC).

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