Alpha Wolf Capital : Change Yours

Good morning folks,

Yesterday was another day of digesting and consolidation. We are holding on to some key technical levels even after all the disappointing earnings. The dollar ended the day higher while gold took a small breather and oil managed to close a tad higher.

We are looking at a red opening in premarket while we wait on retail sales and PPI reports. It is difficult to imagine a strong retail sales number after the earnings reports this weak but I suppose anything can happen.

UPDATE: Retail sales came out much better than anticipated. That could explain why the markets have been so resilient since they are supposed to be forward looking. April US retail sales +1.3% vs +0.8% expected via ForexLive The largest gain since March of 2015.

Fridays have been fairly choppy days lately as shorts don't seem confident enough to hold their positions over the weekend. Technically we are sitting right on potential support in several of the indexes and sectors. If we break through that support it could get very uncomfortable for the longs and finally create some volatility.

Aerospace and Defense are the most impressive looking sectors and I am paying very close attention to the Agriculture names as that could potentially be the next sector that we see some rotation into. Healthcare and biotech remain extremely challenged.

I will be doing my weekly market wrap video after the close and the live stocks to watch on Ticker TV this Sunday @ 8 AM Vegas time.

Today's Markets

In Asia, Japan -1.4% to 16412. Hong Kong -1% to 19719. China -0.3% to 2827. India-1.2% to 25490.
In Europe, at midday, London -0.6%. Paris -0.6%. Frankfurt -0.3%.
Futures at 6:20, Dow -0.4%. S&P -0.4%. Nasdaq -0.4%. Crude -1.7% to $45.91. Gold+0.3% to $1275.30.
Ten-year Treasury Yield

Today's Economic Calendar