Next week we have a bunch of big events that could tell us whether this rally will continue or not.
Monday: President Obama will speak about the condition of the economy. This blog's topic is not political science but hopefully Obama will have some positive things to say about the economy.
Tuesday: The most important day of next week....FOMC meeting (FED meeting) and they will decide what the course of action is concerning interest rates. Watch for the announcement around 2:15 ET.
Throughout the week there are continuation of earnings but one in particular that I am interested in is Nike (NKE). Nike is predicted to report an EPS of 1.00. This is an interesting earnings announcement because it will further the fact that consumers are buying again. Best Buy's (BBY) extremely great earning announcement last week made us believe that consumers are beginning to buy again. Keep a look out for Nike which reports on Thursday. Invest Chief has a long term bullish outlook on Nike. We see prices heading to around $87.50 in the next 12 months.