Good morning folks,
Volatility has really increased this week as the market whipsaws back and forth. Yesterday we started the day out green nearly wiping out the prior days loss only to lose steam
significantly trimming the gains we had as the VIX spiked into the close. Oil continued to decline and many of the momo names are still under pressure. This morning we are looking at a red open, lets see where we close and if the key levels of support hold.
The markets are still innocent until proven guilty, while they are being tested but there is no reason to overreact. Develop your plan for every possible outcome and if you don't feel comfortable trading in this volatility take a seat on the side lines and protect your capital until we have a clearly defined trend.
There were a couple of decent IPO's yesterday MOMO ( gotta love that symbol) and LC both had nice opening day action. I am watching MOMO for potential continuation. We have a few IPO's that will be taking place today. HDP CNXR MPG JRVR AVOL WK there is bound to be at least one winner out of the bunch.
Stocks on my Radar
CCXI big gaapper off of pr look for an intraday setup, FRO continuation from yesterdays move, ONVO fast money pump 5.50 could be a good bounce spot big short interest its a hated name so be careful, DXM pr yesterday could want the 10 dolla holla more of a grinder, GPRO possible bounce play off JP Morgan upgrade but the daily is not pretty, MOLG possible continuation off of yesterdays move 3 dolla holla, TLM buyout rumor bottom bounce
TVIX TZA IWM JNUG SPX NDAQ JDST USO and UUP for market sentiment
CNBC in the News
| IN THE NEWS TODAY |
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| U.S. stock futures were sharply lower early today, after a strong rallyThursday lost steam as oil dropped below $60 a barrel in New York trading. The Dow and S&P 500 seem all but certain to post their first weekly losses in two months. (CNBC) |
| Making new multiyear lows this morning, U.S. crude was under continued pressure as the International Energy Agency cut its forecasts for global oil demand growth in 2015. (CNBC) |
 Former Energy Secretary and ex-Ambassador to the UN Bill Richardson joins CNBC's "Squawk Box" at 7:30 a.m. ET to talk about the oil drop and what it means for the global economy. |
| With just hours before a government shutdown, the House narrowly passed a $1.1 trillion spending bill last night and a resolution to fund operations for two days to give the Senate a chance to act. (NBC News) |
| Sony Pictures co-Chair Amy Pascal has apologized for "insensitive" jokes she made about President Barack Obama in emails that were stolen by hackers who recently attacked the studio's computer network. (Reuters) |
| Google (GOOG) is planning to close its Russian engineering operations,amid growing disquiet about new Russian internet laws which could see other tech companies leave the country. (CNBC) |
| Wal-Mart (WMT) has cut prices on the Apple (AAPL) iPhone 6 and iPhone 6 Plus to $129 and $229, respectively, for customers who sign up for a two-year contract with AT&T (T), Sprint (S), or Verizon (VZ). (Consumerist) |
| Financial industry regulators are fining 10 banks a total of $43.5 million, saying they tried to win roles in the IPO of Toys R Us by offering the company favorable analyst coverage. (AP) |
| Bank of America (BAC) has been ordered to pay more than $1 million to a Florida couple for five years of continuously robocalling them despite written and verbal requests to stop. (Consumerist) |
| Shares of LendingClub (LC), the online marketplace that connects borrowers and investors, rose 56 percent in their debut Thursday, withfurther gains this morning in premarket trading. (Reuters) |
| The worst storm to hit California in years was due to leave Los Angeles and San Diego wind-whipped and drenched today, after triggering flooding, power outages, evacuations, and flight cancellations. (NBC News) |
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 | BY THE NUMBERS |
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| The government issues the November producer price index at 8:30 a.m. ET, with consensus forecasts calling for a drop of 0.1 percent following a 0.2 percent gain in October. |
| At 9:55 a.m. ET, the University of Michigan’s preliminary consumer sentiment index for November is expected to come in at 90.0, compared to October’s 88.8 final reading. |
| There are no major corporate earnings reports today, either this morning or after today’s closing bell. |
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| STOCKS TO WATCH |
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| Dow stock United Technologies (UTX) is warning about its current quarter earnings and issuing below-expectation guidance for 2015. The conglomerate points to an expected profit drop at its Pratt & Whitney unit. |
| Tesla (TSLA) announced the departure of Veronica Wu, the head of its China-based business. Wu joined Tesla last December from Apple's China operation. Tesla did not give a reason for her departure. |
| Baidu (BIDU) is said to be investing an undisclosed amount in ride-hailing service Uber. The China-based internet company is expected to make an announcement about the investment next week. |
| SeaWorld Entertainment (SEAS) said CEO Jim Atchison will leave his job onJan. 15, with chairman David D’Allesandro taking over on an interim basis. The theme park operator—which has faced controversy over its treatment of its signature killer whales—also unveiled a restructuring plan. |
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Seeking Alpha
Today's Markets:
In Asia, Japan +0.7% to 17372. Hong Kong -0.3% to 23249. China +0.5% to 2939. India -0.9% to 27351.
In Europe, at midday, London -1.6%. Paris -1.6%. Frankfurt -1.3%.
Futures at 6:20: Dow -0.7%. S&P -0.7%. Nasdaq -0.8%. Crude -1.2% to $59.21. Gold flat at $1225.40.
Ten-year Treasury Yield -4 bps to 2.13%
Best of Success!
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