The market stalled a bit yesterday giving us a signal that we could be losing some momentum. Volatility is starting to show some signs of life and we are heading into earnings season. Treasury action against PFE and AGN has resulted in the two companies calling off their merger and the justice department if looking to block the HAL acquisition of BHI. The current political climate does not appear to favor large corporations. For many that may seem like something to celebrate but for me its scary.
We get Fed minutes later today and that could set the tone for the markets later this afternoon.
Oil had a bounce after the markets closed after an API report showing inventories falling. We get the EIA report today at 10:30 ET and if it confirms the API report we could see some strength in the oil and evergy sector however technically many of the charts in the sector look like they are breaking down a bit.
It seems like the Biotech and healthcare sectors are on everyone's radar now >I saw Cramer talking about it last night in his off the charts segment on Mad money. We will see whether that helps or hurts the sectors attempt to bounce back. Personally> I liked it better when the sector was on everyone's don't touch list.
Gold continues to look like its building up some energy for a potential move higher. I am not convinced that the run in the precious metal has come to an end. The dollar looks like it wants to take another leg down and if that happens it would likely be good for gold.
We don't have to have a big pullback in the markets, we could just grind around in this area and work off some of the overbought conditions as we await the arrival of earnings season. Earnings will likely set the tone for the next significant directional move in the markets. Until then we may experience some choppy action.
Today's Markets
In Asia, Japan -0.1% to 15715. Hong Kong +0.2% to 20207. China -0.1% to 2051. India+0.1% to 24900.
In Europe, at midday, London +0.4%. Paris -0.1%. Frankfurt -0.5%.
Futures at 6:20, Dow +0.2%. S&P +0.2%. Nasdaq +0.3%. Crude +3% to $36.98. Gold-0.2% to $1226.80.
Ten-year Treasury Yield +2 to 1.74%
Today's Economic CalendarIn Europe, at midday, London +0.4%. Paris -0.1%. Frankfurt -0.5%.
Futures at 6:20, Dow +0.2%. S&P +0.2%. Nasdaq +0.3%. Crude +3% to $36.98. Gold-0.2% to $1226.80.
Ten-year Treasury Yield +2 to 1.74%
7:00 MBA Mortgage Applications
8:30 Gallup U.S. Job Creation Index
10:30 EIA Petroleum Inventories
12:20 PM Fed's Mester: Economic outlook and Monetary policy
2:00 PM FOMC minutes
8:30 Gallup U.S. Job Creation Index
10:30 EIA Petroleum Inventories
12:20 PM Fed's Mester: Economic outlook and Monetary policy
2:00 PM FOMC minutes
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
SRPT upgrade to 45-60 price target active premarket
KEYW contract announcement after the close> I like the daily
VRX potential continuation of a bounce
YNDX pr news not significant but I like the look on the daily
BLOX pr potential 17 test and roll
VSR contract announcement SUPER THIN don't chase can be a pop and flopperGLUU potential continuation
Stocks on this weeks watch list and how they are tracking
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