Good morning folks,
It was an interesting day yesterday as the markets were looking over the edge of a cliff and just as they started to fall off that cliff, taking out a technically significant level in the SP-500, the power of Twitter was revealed.
A rumor about the UAE being in agreement to cut production surfaced and that was all it took to pull the markets back in dramatic fashion, avoiding a complete meltdown and ctastrophic plunge into the point of no return.
I know what your thinking, (You are being a bit dramatic Tim) Its true, I am being a bit of a drama queen.
To be fair, the markets are extremely oversold and getting some type of bounce isn't a huge shocker. What is a bit shocking is the perceived reason for the bounce at precisely the time it was needed most.
Pre-market we are flashing green and we could have a fairly volatile day as we head into a 3 day weekend. If you have been short, you have had a nice week and it could be time to take some off the table as we head into the weekend. If you have been long a bounce in the markets could give you an opportunity to reduce your exposure and raise cash.
The China market will be open next week and how it will react to everything that has developed this week is anyone's guess.
What we do know is that earnings have not been as promising as one would have hoped. The Fed is a bit confused and has successfully put themselves between a rock and and a hard place. Technically we have done a tremendous amount of technical damage but we are also due for some sort of bounce.
We could get some nice day trading opportunities today, be careful not to hold them for too long.
DUST LABU UWTI XIV FAS are on the top of my list this morning
Today's Economic Calendar
8:30 Retail Sales
8:30 Import/Export Prices
10:00 Business Inventories
10:00 Reuters/UofM Consumer Sentiment
1:00 PM Baker-Hughes Rig Count
8:30 Import/Export Prices
10:00 Business Inventories
10:00 Reuters/UofM Consumer Sentiment
1:00 PM Baker-Hughes Rig Count
ETF & ETN watchlist
Volatility Oil Biotech
UVXY XIV VXX TVIX UWTI DWTI GUSH DRIP IBB LABU LABD
Gold SILVER Dollar Financials
GLD NUGT JNUG DUST JDST GDX GDXJ USLV UUP FAS XLF FAZ
UVXY XIV VXX TVIX UWTI DWTI GUSH DRIP IBB LABU LABD
Gold SILVER Dollar Financials
GLD NUGT JNUG DUST JDST GDX GDXJ USLV UUP FAS XLF FAZ
Stocks on my radar premarket
8 Stocks You Should Be Watching Today by Monica Gerson
This article was published on February 12, 2016
This article was published on February 12, 2016
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