Yesterday started out fantastic with all kinds of tremendous short term trading opportunities and then as the day progressed the markets began to roll over. It could be attributed to the Carl Icahn appearance on CNBC or it could just be that the market is losing some steam after a huge run and may actually start trading on fundamentals which in reality have not been very encouraging. The NASDAQ has been the main culprit but it is beginning to spread to other sectors.
This doesn't mean we need to hit the eject button just yet but we do need to start taking a more defensive position. Reduce exposure, lock profits, build cash and look for signs of short term trend changes.
Gold and miners continue to impress as the dollar continues struggle. Shippers had a nice little pop yesterday and could get some follow through today SALT PRGN TNK DRYS FRO EGLE STNG are a few that come to mind . Volatility also started to show signs of life yesterday so keep an eye on UVXY and TVIX
Friday trading has been pretty challenging lately so it may not be a bad day to sit out on the sidelines.
I will be doing this weeks market wrap video later today or first thing tomorrow morning. I will post it as soon as its complete.
Today's Markets
In Asia, Japan closed for holiday. Hong Kong -1.6% to 21037. China -0.3% to 9569. India+0.1% to 25617.
In Europe, at midday, London -0.5%. Paris -1.3%. Frankfurt -0.8%.
Futures at 6:20, Dow +0.1%. S&P +0.1%. Nasdaq flat. Crude +0.9% to $46.46. Gold+0.9% to $1277.20.
Ten-year Treasury Yield +1 bp to 1.84%
Today's Economic CalendarIn Europe, at midday, London -0.5%. Paris -1.3%. Frankfurt -0.8%.
Futures at 6:20, Dow +0.1%. S&P +0.1%. Nasdaq flat. Crude +0.9% to $46.46. Gold+0.9% to $1277.20.
Ten-year Treasury Yield +1 bp to 1.84%
6:30 Fed's Kaplan: Monetary Policy
8:30 Personal Income and Outlays
8:30 Employment Cost Index
9:45 Chicago PMI
10:00 Consumer Sentiment
1:00 PM Baker-Hughes Rig Count
3:00 Farm Prices
8:30 Personal Income and Outlays
8:30 Employment Cost Index
9:45 Chicago PMI
10:00 Consumer Sentiment
1:00 PM Baker-Hughes Rig Count
3:00 Farm Prices
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
Agriculture
DBA, DAG
Stocks on my Radar Premarket
VRX 10K is out> active pre market
SDRL gapper off news potential continuationAMZN Earnings beat> Gapper
LNKD earning beat >Gapper
IQNT earnings beat >potential 18 test and roll
Stocks discussed in this week Ticker TV video are below the video replay is in the Ticker Tv section the right of the page.
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