Good morning folks,
The strength in the markets continues with some heavy hitters reporting earnings after the close while we are within a whisper oaf taking out all time highs in the Dow and S&P. This hated rally continues to grind higher and it hasn't given us many signs that its ready to roll over. The shorts have not capitulated yet and the markets may just continue higher until they finally throw in the towel which could actually give us a parabolic move in the markets. If that were to happen it would likely be the indicator we need to mark the end of the long term bull market we have been in since 2009. We can worry about that when the time comes.
We need to focus on the here and now and it is difficult to deny the strength of this move and a lot of it is tied to the weakness of the dollar. Yesterday we saw some late day strength in the dollar and that directly resulted in some weakness in the miners and precious metals. I know that gold and miners have been a beaten up sector but the recent move is getting a bit stretched and nothing goes up in a straight line.
However, precious metals and mining stocks are active premarket to the upside after NEM earnings beat and in reaction to the EU not moving on rates sending the Euro higher.
Utilities had an interesting pull yesterday as it seems like people are exiting the safety high yield trades an getting involved in riskier investment vehicles.
The breadth of the market move has been impressive.
Oil &Energy, Agriculture, Small caps,Midcaps, Industrial's ,Transportation, Defense/Aerospace, Emerging Markets, Financials have all been performing well.
There are a few areas that still need to catch up like the Biotech and Healthcare.
Big tech and semiconductors are areas that look tired and have shown slight signs of weakness but that could change after tonight's earnings releases from Google and Microsoft.
Today's Markets
In Asia, Japan +2.7% to 17364. Hong Kong +1.8% to 21622. China-0.7% to 2953. India +0.1% to 25880.
In Europe, at midday, London -0.6%. Paris -0.6%. Frankfurt -0.4%.
Futures at 6:20, Dow +0.1%. S&P flat. Nasdaq flat. Crude flat $44.18. Gold +0.5% to $1261.20.
Ten-year Treasury Yield flat at 1.86%
In Europe, at midday, London -0.6%. Paris -0.6%. Frankfurt -0.4%.
Futures at 6:20, Dow +0.1%. S&P flat. Nasdaq flat. Crude flat $44.18. Gold +0.5% to $1261.20.
Ten-year Treasury Yield flat at 1.86%
Today's Economic Calendar
8:30 Initial Jobless Claims
8:30 Philly Fed Business Outlook
8:30 Chicago Fed National Activity Index
9:00 FHFA House Price Index
9:45 Bloomberg Consumer Comfort Index
10:00 Leading Indicators
10:30 EIA Natural Gas Inventory
4:30 Money Supply
4:30 Fed Balance Sheet
8:30 Philly Fed Business Outlook
8:30 Chicago Fed National Activity Index
9:00 FHFA House Price Index
9:45 Bloomberg Consumer Comfort Index
10:00 Leading Indicators
10:30 EIA Natural Gas Inventory
4:30 Money Supply
4:30 Fed Balance Sheet
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
*PR indicates Press Release*
UA Earnings Beat gapper premarket look for intraday setup
TEAR Earnings yesterday potential dolla holla test small floater may need to raise cash soon
CGA China Ag play former runner has lagged the Ag move >small floater High risk > started a small lotto swing full disclosure
PBMD Potential continuation full disclosure carrying some lotto shares over from day trade
OCX nice flag on the daily super thin need volume on the 6 roll >don't chase it
YGE pr decent looking flag on the daily recent reverse split don't chase Solar plays look kind of interesting
MACK PR getting some action premarket potential 8 test and roll
Stocks in this weeks TICKER TV watch list and how they are tracking
No comments:
Post a Comment