Wednesday, April 1, 2015

Happy April Fools Day



Good morning folks, 
The markets remained red for the entire day yesterday as we continue to struggle with which direction of trend we are going to take. As we talked about over the weekend the markets remain guilty until proven innocent and one or two days of a bounce does not make them innocent.
  
We still have some areas of concern technically and the SPY had some wild action after the close yesterday. There is a lot of anticipation out there that this quarters earnings are going to be weak. If the SPY loses its 100 day moving average it may go test the 200 day. The Spy needs to hold 2035 if we close below that level we will likely test the 200.

A few of the big airlines caught a downgrade this morning which could put some pressure on the IYT which is already testing the 200 day. Oil looks like is it weakening once again and I am paying close attention to the SMH IBB and IWM. 

Stocks on my radar PreMarket
VLTC gapper off of Icahn disclosing 52 percent stake, NSTG PR 10 could be a bounce spot, BWEN contract winner 5 roll, SPNS daily kinda hot pr this morning, CYRN nice daily contract news gapper, INNL PR very thin possible 8 dolla roll, IDRA possible 4 dolla roll off news yesterday, SRPT pr active premarket gap on the daily wait for a setup do not chase this one, DYAX ridiculous gapper off of news first day of the pop so I wouldn't try to short it but be careful if you try to take it long, TWTR looks like its trying to break flag 

TVIX and TZA if the market rolls over  
  

CNBC in the NEWS

IN THE NEWS TODAY
On this first day of the second quarter, stocks try to get off to a winning start, after the Dow slipped into negative territory on the last day of March. The S&P 500 and Nasdaq held on their first quarter gains. (CNBC)
The first of two major jobs reports is out at 8:15 a.m. ET this morning, withADP private payrolls data. It's often seen as a preview of the government's employment report, which is released on Friday. (CNBC)

Warren Buffett said he would not raise interest rates significantly if he ran the Fed. The billionaire investor also talked about his new auto dealership business, food mergers, Iran, and the "religious freedom" measures. (CNBC)

Two billionaires join CNBC's "Squawk Box" this morning: Sam Zelluntil 9 a.m. ET and Mark Cuban at 8:30 a.m. ET.

The dollar index, tracking against a basket of six other currencies, rose nearly 9 percent in the the first three months of the year, for the best quarter since the third quarter of 2008. (CNBC)

Oil prices were under pressure this morning, with the extension of the Iran nuclear talks. But the six nations, including the U.S., and Tehran failed to agree on crucial details such as the lifting of U.N. sanctions. (CNBC & Reuters)

The CEO of Wal-Mart (WMT) is asking the governor of Arkansas to veto a "religious freedom" measure-similar to the law in Indiana that's created a firestorm of concern over discrimination. (Reuters)

Apple (AAPL) has just received a patent for using facial recognition to unlock a mobile device. Smartphones powered by Google's (GOOG) Android have a similar unlocking feature. (Re/code)

GoDaddy (GDDY) makes its Wall Street debut today, after pricing its IPOabove the expected range at $20 a share-the Internet services company at about $4.5 billion including debt. (CNBC)

Despite volatility in rates, mortgage applications moved decidedly higher last week, continuing their strong stride into spring. Total volume increased 4.6 percent, according to the Mortgage Bankers Association (MBA).

Billionaire Manhattan developer Howard Milstein and New Jersey real estate veteran Carl Goldberg are planning to make a rival $88 million bid for Atlantic City's bankrupt Revel casino. (AP)

BY THE NUMBERS
Besides the ADP jobs data, there are two more economic reports out at 10 a.m. ET-the Institute for Supply Management's monthly manufacturing indexfor March and the government's February construction spending.

The Energy Department's usual Wednesday look at oil and gasoline inventories is out at 10:30 a.m. ET. Meanwhile, sales figures from the major U.S. automakers are issued throughout the day, with a rise to 16.9 million units from 16.2 million expected.

Monsanto (MON) is the only company of note reporting quarterly earningsthis morning, while chipmaker Micron Technology (MU) is scheduled to report after today's closing bell. Meanwhile, Wal-Mart (WMT) is hosting a meeting for investors and analysts at the New York Stock Exchange today.

STOCKS TO WATCH
McDonald's (MCD) is the subject of a European Union inquiry, with authorities asking Luxembourg for information on its tax arrangement with the U.S. fast food giant.
Simon Property (SPG) withdrew its buyout offer for rival mall operatorMacerich (MAC). Simon said its $95.50 per share bid was pulled after Macerich's board decided not to hold discussions.


A lawsuit against HSBC (HSBC) was dismissed by a New York judge, according to Reuters. The lawsuit had accused the bank of failing to file proper loan paperwork.

Seeking Alpha
Notable earnings before today's open: AYIIKGHMON
Notable earnings after today's close: MUPRGSSIGM