President Mubarak’s resignation mid-day Friday eased investors fears and helped pull major market indices slightly higher (1% to 1.5%) for the week. The VIX closed at 15.71, down 0.57 for the week, after a 17 handle Wednesday afternoon. Option and stock volumes were respectable.
Next week wraps up most of the big earnings reports with key stocks in several industries reporting. They include Dell, Genzyme, Dean Foods and Apache. Economic reports include Chicago PMI Monday, Retail Sales Tuesday, PPI & CPI mid-week and February Option Expiration Friday.
Traders will keep an eye over their shoulder on the Egyptian situation next week but are watching two other events. The first is a long-weekend coming up (Presidents Day Monday the 21st), the most important to many is pitchers and catchers report (to Spring Training) next Wednesday. Hope springs eternal for good trading markets and your favorite team.
Good luck trading next week.