Good morning folks,
I am not trying to be disrespectful in any way about the imoportance of the Brexit vote. I am just tired of hearing about it and how the markets have been trading this week. I want to get past the vote so we can move forward with a clear direction. It doesn't really matter to me how the vote turns out. All I care about is clarity and then we can figure out how to manage the results.
We had a little pullback yesterday and volatility picked up as the streeet looked for ways to hedge their positions just in case the voter results tank the markets. The new polls seem to be favoring staying in the union and that has been positive for the markets while putting pressure on preciuos metals and miners. We probably won't know the final results until after the market close or early tommorow morning so the markets could whip around a bit today as speculation continues.
Oil and energy names took a pause after getting the inventory numbers yesterday but the black bubbly is bouncing this morning in premarket. Saudi Arabias new oil minister has declared that the oil glut is over. That may or may not be true, only time will tell.
The IBB held up really well yesterday even though the markets were struggling. There are some big names in the space that are looking really compelling at these levels as they are sitting on or near potentially significant areas of support. If the IBB cracks below 248 or so with conviction then there may be more pain ahead for the sector but it wouldn't be a huge shocker if we got a healty bounce in the sector in the near term. GILD is one name that really stands out to me.
We get jobless claims this morning and that could impact the markets if it misses the mark to an extreme in either direction.
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Today's Markets
In Asia, Japan +1.1% to 16238. Hong Kong +0.4% to 20868. China +0.5% to 2892. India+0.9% to 27002.
In Europe, at midday, London +1.5%. Paris +2.2%. Frankfurt +2.3%.
Futures at 6:20, Dow +1%. S&P +1.1%. Nasdaq +1.2%. Crude +1.6% to $49.91. Gold-0.6% to $1263.
Ten-year Treasury Yield +5 bps to 1.73
In Europe, at midday, London +1.5%. Paris +2.2%. Frankfurt +2.3%.
Futures at 6:20, Dow +1%. S&P +1.1%. Nasdaq +1.2%. Crude +1.6% to $49.91. Gold-0.6% to $1263.
Ten-year Treasury Yield +5 bps to 1.73
Today's Economic Calendar
8:30 Initial Jobless Claims
8:30 Chicago Fed National Activity Index
9:45 PMI Manufacturing Index Flash
9:45 Bloomberg Consumer Comfort Index
10:00 New Home Sales
10:00 Leading Indicators
10:30 EIA Natural Gas Inventory
4:30 PM Money Supply
4:30 PM Fed Balance Sheet
8:30 Chicago Fed National Activity Index
9:45 PMI Manufacturing Index Flash
9:45 Bloomberg Consumer Comfort Index
10:00 New Home Sales
10:00 Leading Indicators
10:30 EIA Natural Gas Inventory
4:30 PM Money Supply
4:30 PM Fed Balance Sheet
ETF's on my Radar
Volatility OIL Biotech
UVXY XIV VXX TVIX VMIX VMAX UWTI DWTI GUSH DRIP USO LABD IBB LABU
UVXY XIV VXX TVIX VMIX VMAX UWTI DWTI GUSH DRIP USO LABD IBB LABU
Gold SILVER Dollar Financials
GLD NUGT JNUG USLV UUP FAS XLF FAZ HYG JNK
Minerals and Miners Utilities RETAIL Transportation
XME GDX GDXJ XLU XRT IYT XTN
DUST JDST
Agriculture SPY
DBA, DAG SPXS SPXL
STOCKS ON MY RADAR PREMARKET
TASR news on LA contract needs to take out 24 with conviction lil gap premarket
VNDA daily chart looks hot needs to take out 11.50 with conviction
TWLO new highly anticipated IPO priced @ 15
EVH after consolidating in this range looking to take out key area of potential resistance could get a 18 dolla test
AGN FDA approval potential bounce spot on the daily more of a long term hold or swing type
*PR = Press Release*
This weeks Ticker Tv Stocks to watch and their performance below
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