We had a small pullback in the markets yesterday as the dollar strengthened and Oil pulled back. Gold continues to climb taking the miners with it. However, several of the miner ETF's are completely out of the upper bollinger band and we could see those take a pause or pull back a bit.
One thing that could impact the strength in Gold and the dollar is the Fed minutes that will be released later today. My guess is the minutes will be fairly dovish and that could weaken the dollar. The minutes are from before the Brexit vote so that should be considered before putting to much emphasis on what is said. Mario Draghi is also scheduled to speak later today which could net some sort of reaction from the markets.
We are looking at another red open as the pound is making fresh new lows and that is weighing on the markets while Germany factory orders also came in weak. It is not surprising that we are pulling back after the 4 day run but remember what we talked about in the market wrap video. If you are a bull what you do not want to see is a lower low to the recent pull we had after the Brexit vote was tallied.
Today's Markets
In Asia, Japan -1.9% to 15379. Hong Kong -1.2% to 20495. China +0.4% to 3017. India-0.4% to 27167.
In Europe, at midday, London -1%. Paris -2.2%. Frankfurt -2.2%.
Futures at 6:20, Dow -0.6%. S&P -0.7%. Nasdaq -0.8%. Crude -1.2% to $46.02. Gold+1.3% to $1376.50.
Ten-year Treasury Yield -3 bps to 1.33%
Today's Economic CalendarIn Europe, at midday, London -1%. Paris -2.2%. Frankfurt -2.2%.
Futures at 6:20, Dow -0.6%. S&P -0.7%. Nasdaq -0.8%. Crude -1.2% to $46.02. Gold+1.3% to $1376.50.
Ten-year Treasury Yield -3 bps to 1.33%
7:00 MBA Mortgage Applications
8:30 International Trade
8:30 Gallup U.S. Job Creation Index
8:55 Redbook Chain Store Sales
9:00 Daniel Tarullo speech
8:30 International Trade
8:30 Gallup U.S. Job Creation Index
8:55 Redbook Chain Store Sales
9:00 Daniel Tarullo speech
Fed minutes 2 ET
ETF's on my Radar
Volatility OIL Biotech
UVXY XIV VXX TVIX UWTI DWTI GUSH DRIP USO LABD IBB LABU
VMIX VMAX
UVXY XIV VXX TVIX UWTI DWTI GUSH DRIP USO LABD IBB LABU
VMIX VMAX
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
MZOR Flirting with a 20 roll after updating system sales for the second Qtr small floater no debt but valuation is rich
OCLS Recent reverse split Very tiny float pr is kinda fluffy don't chase
VSR new contract > gapper super tiny float another one to watch for a setup don't chase it
NFLX got a down grade with an 80 dollar price target > not sure it will get to 80 but there is a gap to fill on the daily to around 92 that could fill
VRX potential bounce play needs to take out 20 with some conviction has been basing in this area for awhile don't chase it and watch for some real volume
*PR = Press Release*
MZOR Flirting with a 20 roll after updating system sales for the second Qtr small floater no debt but valuation is rich
OCLS Recent reverse split Very tiny float pr is kinda fluffy don't chase
VSR new contract > gapper super tiny float another one to watch for a setup don't chase it
NFLX got a down grade with an 80 dollar price target > not sure it will get to 80 but there is a gap to fill on the daily to around 92 that could fill
VRX potential bounce play needs to take out 20 with some conviction has been basing in this area for awhile don't chase it and watch for some real volume
*PR = Press Release*
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