Good morning folks,
We are headed into the weekend and we have the big meeting this Sunday with OPEC and a more substantial week ahead for earnings. Today could be a directionless day as markets absorb the recent moves and take a pause until we have a clearer picture of what we can expect from the outcome of the OPEC meeting and we get a broader picture of earnings results.
We are extended and overbought as this continues to be a hated rally since most people were not positioned to capitalize off of it. We have moved so far so fast that most people are anticipating and positioning for the inevitable collapse. The collapse could happen and we could also have an epic squeeze if OPEC produces a better than anticipated outcome and earnings come in with an upside surprise and raised guidance.
No one knows for certain which way the next major move will be but I plan to reduce some exposure and build some cash for the upcoming week.
I will be doing this weeks market wrap video later today and this weeks LIVE stocks to watch session on Ticker TV Sunday morning @ 8 AM Vegas time.
Today's Markets
In Asia, Japan -0.4% to 16848. Hong Kong -0.1% to 21316. China -0.1% to 3078. India closed.
In Europe, at midday, London -0.4%. Paris -0.5%. Frankfurt -0.6%.
Futures at 6:20, Dow -0.2%. S&P -0.2%. Nasdaq -0.2%. Crude -1.7% to $40.79. Gold+0.4% to $1231.80.
Ten-year Treasury Yield -1 to 1.76%
In Europe, at midday, London -0.4%. Paris -0.5%. Frankfurt -0.6%.
Futures at 6:20, Dow -0.2%. S&P -0.2%. Nasdaq -0.2%. Crude -1.7% to $40.79. Gold+0.4% to $1231.80.
Ten-year Treasury Yield -1 to 1.76%
Today's Economic Calendar
8:30 Empire State Mfg Survey
9:15 Industrial Production
10:00 Reuters/UofM Consumer Sentiment
12:50 PM Fed's Evans speech
1:00 PM Baker-Hughes Rig Count
4:00 PM Treasury International Capital
9:15 Industrial Production
10:00 Reuters/UofM Consumer Sentiment
12:50 PM Fed's Evans speech
1:00 PM Baker-Hughes Rig Count
4:00 PM Treasury International Capital
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
Stocks on my Radar Premarket
RLYP Rumors after the close last night appear to be false but also caught a downgrade this morning
GBSN earnings Premarket pop likely going to need to raise cash soon
VRX exploring alternatives with banks for potential division sales
DRWI potential continuation
ORPN active premarket upcoming presentation super tiny float ABBV pr really nice looking daily
TROV pr potential 6 roll
Stocks in this weeks TICKER TV watch list and how they are tracking
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