The markets continue higher after the brief pullback we experienced on Monday. IWM had a nice bounce, while Gold and Oil resumed their declines.
As I said this weekend the markets are innocent till proven guilty and even though we had a few warning signs out there was no reason to get bearish but its always prudent to be cautious. We play what is happening and not what we think might happen.
We have some economic data being released today that could impact the direction of the markets. Biotechs had a fairly nice day yesterday and Cramer pumped them a bit last night, Oil and gas names along with JNUG and JDST remain on my radar. All it would take is a surprise announcement of a production cut and oil would rip. So have a list of beaten up names that may be stretched to the downside that you can take advantage of if that happens.
TASR tested 52 week highs yesterday and DGLY had a ridiculous run. Be careful in those names as they are likely ready for a bit of a pullback.
Stocks on my radar
IMUC possible red to green move with the 1 dolla roll, SCMP continuation, ACHN >HOT daily, MOLG continuation be careful don't chase it, CYBR and FEYE (already swing ) dailies look decent, SQNM active premarket like the daily PR ended patent dispute gettin 50 mil upfront and future royalties, NBS like the daily possible bounce play 4 dolla roll, VGGL consolidating has potential for more, LDOS earnings beat hot daily, NNA announced $50 mil share repurchase look for the 3 dolla roll, LOCO MS upgrade needs to break its downtrend with conviction, SPWH possible continuation earnings on Thursday, FCAU continues to grind higher more of a swing type,
JNUG NUGT TVIX TZA USO UUP JDST on radar for market sentiment
Seeking Alpha
Today's Markets:
In Asia, Japan +0.3% to 17720. Hong Kong -1% to 23429. China +0.6% to 2780. India -0.1%to 28443.
In Europe, at midday, London -0.2%. Paris -0.2%. Frankfurt flat.
Futures at 6:20: Dow -0.1%. S&P -0.1%. Nasdaq flat. Crude +0.5% to $67.21. Gold +0.3% to $1203.30.
Ten-year Treasury Yield flat at 2.3%
In Asia, Japan +0.3% to 17720. Hong Kong -1% to 23429. China +0.6% to 2780. India -0.1%to 28443.
In Europe, at midday, London -0.2%. Paris -0.2%. Frankfurt flat.
Futures at 6:20: Dow -0.1%. S&P -0.1%. Nasdaq flat. Crude +0.5% to $67.21. Gold +0.3% to $1203.30.
Ten-year Treasury Yield flat at 2.3%
Today's economic calendar:
7:00 MBA Mortgage Applications
8:15 ADP Jobs Report
8:30 Gallup U.S. Job Creation Index
8:30 Productivity and Costs
9:45 PMI Services Index
10:00 ISM Non-Manufacturing Index
10:30 EIA Petroleum Inventories
11:00 Global Composite PMI
11:00 Global Services PMI
12:30 PM Fed's Plosser: U.S. Economic Outlook
2:00 PM Fed's Reserve Gov. Lael Brainard:”Financial Stability”
2:00 PM Fed's Beige Book
7:00 MBA Mortgage Applications
8:15 ADP Jobs Report
8:30 Gallup U.S. Job Creation Index
8:30 Productivity and Costs
9:45 PMI Services Index
10:00 ISM Non-Manufacturing Index
10:30 EIA Petroleum Inventories
11:00 Global Composite PMI
11:00 Global Services PMI
12:30 PM Fed's Plosser: U.S. Economic Outlook
2:00 PM Fed's Reserve Gov. Lael Brainard:”Financial Stability”
2:00 PM Fed's Beige Book
CNBC in the news
| In the news today |
|---|
| U.S. stock futures were little changed in early trading today, after the Dowpowered to a record high and its first triple-digit gain in a month on better-than-expected construction spending and auto sales reports. (CNBC) |
| Investors sift through another batch of data—including the ADP's private payrolls this morning and the Fed's beige book this afternoon—for any indications the economy may be growing stronger than forecast. (CNBC) |
The nation's top CEOs trimmed their forecasts for sales and capital spending but boosted their hiring plans over the next six months, according to a new Business Roundtable survey. Meanwhile, President Barack Obama addresses the group's meeting this morning. (AP)
 But before the president takes to the podium, CNBC’s "Squawk Box" interviews a number of the CEOs in attendance, including those fromWal-Mart, Blackstone, BlackRock, Honeywell, and Frontier Communications. |
| House Republican leaders are making progress in steering some of the GOP’s most conservative members away from a course that could shut down the government next week. (NY Times) |
| Oil tycoon T. Boone Pickens told CNBC last night that he believes crude prices—down more than 30 percent since June—will be back to $100 a barrel in 12 to 18 months. In early trading, oil was slightly higher. (CNBC) |
| After all the accusations that high-frequency trading games the stock market and hurts the individual investor, now comes a new study that asserts pretty much the opposite. (CNBC) |
| Apple's (AAPL) early iPod days are being revisited in a trial that will feature the words of Steve Jobs three years after his death. Other testimony is expected today. Separately, Apple has been issued a patent for a design that prevents an iPhone from breaking when dropped. (CNBC) |
| Viewership of traditional TV dropped nearly 4 percent last quarter, as online video streaming jumped 60 percent, according to a new report from Nielsen.(WSJ-subscription) |
| Renowned scientist Stephen Hawking is warning that independent artificial intelligence could doom mankind—joining Tesla and SpaceX CEO Elon Musk who recently expressed similar concerns. (CNBC) |
| The parched state of California is suddenly getting drenched, and that'sbringing the risk of flooding and mudslides near Los Angeles and areas to the north of the city. (NBC News) |
Best of Success!!
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