Good morning folks,
We have markets in rally mode around the globe and it looks like we may follow their lead. The DOW S&P500 are hitting all time highs and the NASDAQ is not far behind. The IBB and the IWM both had nice bounces and the SMH broke over my trendline yesterday. It seems as though the party just won't end! I have know idea when it will be over or what will be the turning point that stops the music and turns out the lights.
Usually markets don't give you fair warning to get out, there is almost always some type of defining event that you can look back on and say that was when the market turned.
So until that event occurs we keep grinding higher turning some pessimists into optimists and making others even more skeptical of the markets.
Have no doubt!
We will experience another recession, there will be another event that no one anticipated, fear and panic will be center stage leading to some sort of market meltdown. Its not my intent to be a doomsday prophet. I am just being a realist and odds are that at some point, fear and panic will be the leader of the markets.
The good news is we are NOT experiencing that now! So until things change try to take advantage of the good times and enjoy the ride! Just make sure you have a plan for when the markets turn.
Stocks on my Radar premarket
VJET little bounce premarket the sector has been beat up VJET has held up fairly well already swinging it, MNGA another pr this morning popping premarket be careful see chatter that its being promoted I will likely be selling some of my swing into strength, GIGA earnings winner gapping premarket wait for a setup, MOMO getting some MOMO this morning off earnings big gapper guidance was below estimates be careful, TRQ pr hot daily looks like it may want to test 5, MNKD possible continuation off SA article out last night after the close, BIOL new CEO announced up after market, GILT thin one could be at a bounce spot on the daily don't chase it, LAKE Earnings gapping continuation play from yesterdays pop, ANY possible continuation closed above the 50 day,
CNBC in the News
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| Home Depot (HD), another Dow stock, today delivered quarterly earnings, revenue, and same-store sales that topped expectations. The home improvement retailer also raised full-year profit guidance. (CNBC) |
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| U.S. stock futures were higher in early trading, after the S&P 500 closedMonday at its third record in a row and the Dow joined with its own all-time high. The Nasdaq ended about 20 points away from its record. (CNBC) |
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| Apple (AAPL) reportedly shelved plans to make a TV more than a year ago, after deciding that attempts to build a truly unique product to compete with industry leader Samsung were not that compelling. (WSJ) |
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| Major investment banks have raised their standard base salary this spring for recent college graduates to $85,000, the first rise after five years in which the salaries hovered near $70,000. (NY Times) |
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| In a new financial industry survey, more than a third of the respondentssaid they witnessed or knew of wrongdoing in the workplace. And nearly half said regulators were ineffective in stopping it. (NY Times) |
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| Obama administration officials are calling for patience, even as they call the Islamic State militant capture of the capital of Iraq's Anbar province a setback. Ramadi fell over the weekend. (AP) |
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The State Department does not intend to make approximately 55,000 pages of former Secretary of State and Democratic presidential candidate Hillary Clinton's emails public until Jan. 15, 2016. (USA Today)
| BY THE NUMBERS |
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| Oil prices fell this morning as slow economic growth and high supplies meant that markets remain oversupplied. However, U.S. crude got a bit of support from rising demand ahead of the Memorial Day travel weekend. |
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| Housing is once again in the U.S. economic spotlight, as the government releases April housing starts and building permits at 8:30 a.m. ET. Economists are looking for a 9.1 percent jump in starts, on top of the 2.0 percent increase in March. Permits are seen up 2.7 percent last month, after a 5.4 percent decline in March. |
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| Among the short list of earnings reports after-the-bell include, Analog Devices (ADI), Autodesk (ADSK), and Etsy (ETSY), which releases its first quarterly results since the online marketplace for homemade goods went public last month. |
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| STOCKS TO WATCH |
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| Vodafone (VOD) announced its first quarterly sales rise in almost three years. The U.K.-based mobile phone operator also predicted 2016 earnings growth after seven straight years of decline. |
| Urban Outfitters (URBN) missed estimates by 5 cents with quarterly profit of 25 cents per share. Revenue was also well below estimates. Comparable store sales increase of 4 percent was below forecasts. |
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| Yahoo's (YHOO) chief information officer Mike Kail has left the company, just nine months after joining from Netflix, which has sued Kail, accusing him of accepting kickbacks from vendors. |
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Seeking Alpha
Today's Markets:
In Asia, Japan +0.7% to 20026. Hong Kong +0.4% to 27693. China +3.2% to 4418. India -0.2% to 27645.
In Europe, at midday, London +0.3%. Paris +1.8%. Frankfurt +1.9%.
Futures at 6:20: Dow +0.3%. S&P +0.3%. Nasdaq +0.4%. Crude -0.9% to $59.68. Gold -0.7% to $1219.60.
Ten-year Treasury Yield -1 bps to 2.21%
Notable earnings before today's open: AINV,
CMCM,
DKS,
EJ,
HD,
LEJU,
RRGB,
SSI,
TJX,
WBAI,
WMT
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