In last weeks market wrap video we talked about the massive short position in the Sp-500 and that it could be the fuel that takes us ripping higher.
We also talked about oil and the key levels we were looking at in some of the oil ETF's and in the Ticker Tv session we talked about how you could pretty much throw a dart at any energy name and find a good looking setup on the charts. Yesterday, oil ripped higher off of statements coming from Saudi Arabia and Russia coming to an agreement on an oil production freeze regardless of what I ran does. The actual meeting is on Sunday so an awful lot can happen between now and the end of that meeting. The sector could remain hot heading into that meeting but I would be locking profits along the way and definitely reduce exposure heading into the weekend. Oil is looking weak ahead of this mornings open on inventory build concerns and concerns that the meeting on Sunday may not yield any significant results that haven't already been priced in. We get inventory numbers later today at 10:30 ET.
What is interesting is that few earnings we have gotten so far have not been all that great (AA, CSX, JNPR) however the market seems to be shaking that off.
JPM Morgan reported their earnings this morning and it looks as though the street likes what it sees. This could be another catalyst for the markets since the financials have been a drag lately and it was difficult to see how the markets can rip higher without the financials participating.
We got some numbers export numbers out of China last night that appear to be giving a boost to the markets around the globe. This could also be good news for shippers which we talked about in this weeks Ticker TV session.
We have a barrage of our own economic data hitting today so it could be a wild day with everything from PPI, mortgage apps, retail sales, and the Fed beige book. Times are listed below for each event.
Gold and the gold miners could see some near term pressure as their recent run appears to be getting a bit stretched which may present a short term trading opportunity for a pullback but the sector still looks like it has just broken out and could be in store for a run that leads much higher over time.
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Today's Markets
In Asia, Japan +2.8% to 16381. Hong Kong +3.2% to 21158. China +1.4% to 3066. India+1.9% to 25627.
In Europe, at midday, London +1.4%. Paris +2.5%. Frankfurt +2.1%.
Futures at 6:20, Dow +0.5%. S&P +0.5%. Nasdaq +0.8%. Crude -1.4% to $41.58. Gold-1.2% to $1246.
Ten-year Treasury Yield +1 bps to 1.79%
In Europe, at midday, London +1.4%. Paris +2.5%. Frankfurt +2.1%.
Futures at 6:20, Dow +0.5%. S&P +0.5%. Nasdaq +0.8%. Crude -1.4% to $41.58. Gold-1.2% to $1246.
Ten-year Treasury Yield +1 bps to 1.79%
Today's Economic Calendar
7:00 MBA Mortgage Applications
8:30 Retail Sales
8:30 Producer Price Index
10:00 Business Inventories
10:00 Atlanta Fed's Business Inflation Expectations
10:30 EIA Petroleum Inventories
1:00 PM Results of $20B, 10-Year Note Auction
2:00 PM Fed's Beige Book
8:30 Retail Sales
8:30 Producer Price Index
10:00 Business Inventories
10:00 Atlanta Fed's Business Inflation Expectations
10:30 EIA Petroleum Inventories
1:00 PM Results of $20B, 10-Year Note Auction
2:00 PM Fed's Beige Book
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
DMD Sold off a division for 39 mil Cash rich no debt daily not bad
ACUR Nice looking daily potential 3 roll PR Fast track status is nice but doesn't impact the balance sheet
OCLS potential dolla roll off pr but likely going to need to raise capital soon
RPRX Ripping higher off pr dolla roll premarket small float another one that may need to raise cash soon news from Phase 2 study
ARWR pr getting some action premarket
Stocks in this weeks TICKER TV watch list and how they are tracking
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