From the Wall Street Journal’s "Stock Futures Point to Gains Ahead of Fed Chairman Decision" posted early Monday:
U.S. stocks headed for opening gains as investors awaited data on the property market and a decision on the next Federal Reserve chairman...
Major stock indexes stand close to record highs, buoyed by strong corporate earnings and optimism about the economy. Some investors expect volatility in the coming months, however, as central banks globally rein in the stimulus measures that have powered markets higher.
“This is a very difficult time for central banks,” said Lyn Graham-Taylor, senior rates strategist at Rabobank. He pointed to a weekend interview in which Bank of England Gov. Andrew Bailey said the central bank would likely raise interest rates but that the outlook for inflation was highly uncertain.
Money managers are waiting to find out whether Jerome Powell will be reappointed as Fed chairman or replaced by Gov. Lael Brainard, who has backed the central bank’s interest rate policy over the past four years. President Biden is expected to announce his decision before leaving for a holiday trip Tuesday evening.
Charts: Yahoo!Finance sees a bullish momentum pattern (no kidding). Max pain stays at $150 with a craggy mountain of calls that peak at $160.
UPDATE: Since this was posted, Max pain moved up to $152.50 and the mountain moved down to $155.