Yesterday was more of a consolidation day as we approach earnings. AA reported after the close with earnings that weren't terrible but they weren't great either and the guidance was a bit light.
Gold and miners were the big winner yesterday as dollar strength continues to struggle. It is hard to deny the strength in Gold and Silver and it looks as though this could be in the early innings of major move higher for the sector. Regardless, nothing goes up or down in a straight line> even the strongest sectors or stocks need to take a breather so they can build up some energy for the next move. Be careful chasing performance.
The QQQ, IWM & SPY look tired soon we will see is if this is just pause to build energy for a move higher or the beginning of some type of a correction. If this is the beginning of something bigger in the form of a correction you can expect volatility to increase so keep a close eye TVIX and UVXY.
Oil had another decent day yesterday and the energy names continue to act well even in the face of NOV slashing their dividend. We are still bouncing up against some technical resistance in some of the sector ETF's it will be interesting to see if we can break through with conviction. It looks like oil could have another strong open off some comments from Iraq's oil minister.
Today's Markets
In Asia, Japan +1.1% to 15929. Hong Kong +0.3% to 20504. China -0.3% to 3024. India+0.5% to 25146.
In Europe, at midday, London flat. Paris +0.2%. Frankfurt +0.4%.
Futures at 6:20, Dow +0.2%. S&P +0.3%. Nasdaq +0.3%. Crude +0.9% to $40.75. Gold+0.1% to $1258.70.
Ten-year Treasury Yield +3 bps to 1.76%
Today's Economic CalendarIn Europe, at midday, London flat. Paris +0.2%. Frankfurt +0.4%.
Futures at 6:20, Dow +0.2%. S&P +0.3%. Nasdaq +0.3%. Crude +0.9% to $40.75. Gold+0.1% to $1258.70.
Ten-year Treasury Yield +3 bps to 1.76%
6:00 NFIB Small Business Optimism Index
8:30 Import/Export Prices
8:55 Redbook Chain Store Sales
9:00 Fed's Harper: Economic Outlook
1:00 PM Results of $24B, 3-Year Note Auction
2:00 PM Treasury Budget
3:00 PM Fed's Williams: Monetary Policy
4:00 PM Fed's Lacker speech
8:30 Import/Export Prices
8:55 Redbook Chain Store Sales
9:00 Fed's Harper: Economic Outlook
1:00 PM Results of $24B, 3-Year Note Auction
2:00 PM Treasury Budget
3:00 PM Fed's Williams: Monetary Policy
4:00 PM Fed's Lacker speech
ETF's on my Radar
Volatility & SPY OIL Biotech
UVXY XIV VXX TVIX SPXS SPXL UWTI DWTI GUSH DRIP LABD IBB LABU
UVXY XIV VXX TVIX SPXS SPXL UWTI DWTI GUSH DRIP LABD IBB LABU
Gold SILVER Dollar Financials
GLD NUGT JNUG USLV UUP FAS XLF FAZ
Minerals and Miners Utilities RETAIL Transportation
XME GDX GDXJ XLU XRT IYT XTN
DUST JDST
Stock on my Radar Premarket
*pr = Press Release
LEU Potential bounce spot off pr
CRBP PR potential continuation of yesterdays move but could be getting extended on the daily
EGL Contract win nice consolidation on the daily recent insider buys over 18 small float lots of debt trading below book
CLF and CHK potential continuation plays
MANT contract award good looking daily
XPLR super thin contract announcement
ATRC 510 clearance from FDA could be a decent bounce spot small float
ARNA Very early clinical study results PR testing a 2 roll premarket
Stocks in this weeks TICKER TV watch list and how they are tracking
Market wrap and Sector watch
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