Good morning folks,
I was out for most of yesterday as I had some personal issues develop on Monday but things should be back to normal today.
So we have a fairly decent pullback developing here. As we talked about over the weekend, the strong dollar continues to get stronger adding to the pressure on stocks. Oil continued to pull back as we are expecting an inventory report today that will be closely watched. Volatility has picked up a bit but not as much as I had anticipated that it would. China reported some weak numbers overnight and the Euro continues to drop and we still have issues in Greece.
We are flashing green this morning which isn't all that surprising after the big sell off we had yesterday. We are approaching some key levels in the indexes and should we break below fear and volatility rise and more red days likely to follow. In this type of market scalp trades can be your bread and butter and swings are more difficult to hold onto.
If we get a continuation and a fairly substantial pullback this is also a great time to build that watch list of stocks you want to own for your retirement account that you can buy when they are on sale. Stocks like DIS FEYE TASR CY SUNE BABA YHOO MGM AAPL are just a few that I would like to own at the right price.
Stocks on my Radar
MELA gapper 3 dolla holla and 200 day cross, SYN possible continuation 3 dolla cross, BLRX pr small pop premarket, GERN potential continuation, MNGA possible dolla holla, NBY penny play big insider buying already in for a swing, CYTX looking like it may want more , TNXP looking for 7 dolla cross, ARCP possible bottom bounce
CNBC in the News
 | IN THE NEWS TODAY |
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| U.S. stock futures were higher in early trading, after Tuesday's dollar rallyslammed Wall Street. The Dow and the S&P 500 lost their 2015 gains in the selloff, but the Nasdaq is still up about 2.5 percent on the year. (CNBC) |
| The euro was under more pressure this morning, trading around 12-year lows at under $1.06, leading analysts to question whether euro-dollar paritymight be reached again soon. (CNBC) |
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| The fallout from diverging central bank policies is being blamed for further dollar gains, with the ECB's bond purchases coming at time when the Fed appears to be getting closer to an interest rate increase. (CNBC) |
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| The extra liquidity provided by the European Central Bank could pose risks to the region's financial stability, but those risks are contained, ECB President Mario Draghi said today in Frankfurt. (CNBC) |
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| Apple's (AAPL) next generation iPhone will reportedly incorporate force technology, a measure of how hard a user hits the screen, which is built into the upcoming Apple Watch. (WSJ) |
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| Google (GOOG) is opening its first shop under its own brand name, going for a store within a store concept for The Google Shop based in U.K. electronics retailer Currys PC World in London. (CNBC) |
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| Lawmakers in Britain today are expected to vote to ban branding on cigarette packs by a large margin, a move that would force manufacturers to adopt plain packets in the U.K. by 2016. (Reuters) |
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| A jury in Los Angeles has awarded the children of the late singer Marvin Gayenearly $7.4 million, finding Robin Thicke and Pharrell Williams copied Gaye's music to create the 2013 hit "Blurred Lines." (AP) |
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| Hillary Clinton revealed on Tuesday she had deleted about half her emailsfrom her years as secretary of state, saying she had turned over to the Obama administration all correspondence about government business. (NY Times) |
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| Seven Marines and four soldiers were missing early today, following an Army helicopter crash in Florida during a routine nighttime training mission. (NBC News) |
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| BY THE NUMBERS |
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| A sharp jump in mortgage rates last Friday took its toll on home lending, leaving mostly high-end home buyers on the playing field. Total mortgage application volume fell 1.3 percent last week. |
| Today won't bring any further economic insights in terms of major government data, with only the Treasury Department's monthly budget statement for February on the agenda at 2 p.m. ET. |
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| But investors will keep watch on the Treasury's $21 billion auction of 10-year notes, with the results of that sale due shortly after 1 p.m. ET. Demand was solid at Tuesday's sale of 3-year notes, in the wake of the stock selloff. |
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| The Energy Department is out with its usual Wednesday look at oil and gasoline inventories at 10:30 a.m. ET, which have been followed closely since the collapse in crude prices. |
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| STOCKS TO WATCH |
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| Verifone Systems (PAY) cut its 2015 outlook, citing a negative impact from the stronger dollar, among other factors. The electronic payments firm didbeat estimates with earnings and revenue. |
| AT&T (T) expects to take a charge of about $130 million this quarter relating to the voluntary retirement of about 3,000 workers under the terms of a special offer allowing for lump-sum distributions and enhanced payments. |
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| GNC Holdings (GNC) said independent tests of its nutritional supplementsfound no improper labeling. That follows an investigation by New York's Attorney General into advertising and labeling practices by GNC and other companies. |
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Seeking Alpha
Today's Markets:
In Asia, Japan +0.3% to 18723. Hong Kong -0.8% to 23718. China +0.2% to 3291. India -0.2% to 28659.
In Europe, at midday, London +0.3%. Paris +1.8%. Frankfurt +1.6%.
Futures at 6:20: Dow +0.4%. S&P +0.5%. Nasdaq +0.4%. Crude +0.4% to $48.47. Gold -0.3% to $1157.20.
Ten-year Treasury Yield -6 bps to 2.12%
Notable earnings after today's close: CHMI, CMTL, CNAT, HMIN, IPAR, KKD, MW, OME, PLOW,RST, SCLN, SGMS, SHAK, TAHO, XNET, XOMA, ZOES
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