We had a nice follow through day in the markets while gold silver and miners gave us their first sign of weakness after the monster run they have had. This could be just the beginning of a needed correction for the sector and worth paying attention too. I would not get overzealous with shorting the sector but I would keep an eye on DUST and JDST for potential short term long opportunites.
The dollar continues to consolidate looking like its getting ready to make a move in the near future.
One of the factors moving the market yesterday was the strength of the move in oil. That flowed through into many of the recently beaten down energy names. This sector is fundamentally trading at some lofty valuations. Many of the companies in the sector have extremely high debt loads and shrinking quarterly earnings. Make sure you at least glance at the fundamentals so you can determine which trades may be better suited for day trades rather than swings or longer term holds. We also get the petroleum inventory report @ 10:30 ET and that could put some pressure on the black bubbly like it did last week after a smaller than anticipated inventory draw.
The SMH had another nice move yesterday but it could be getting a little stretched and need a little pause. Actually a pause for the markets in general would be healthy. Allow them to absorb the recent move, consolidate and build up some energy for the next leg.
Home builders had a nice move over the last couple days and that could continue after this mornings mortgage application number which showed a nice increase.
However, we do have a couple of Fed members speaking today as well as the Fed's beige book out @ 2 PM eastern and that could change the tone of the markets if they start indicating a rate increase. I don't think anyone would really believe them but they may still attempt to jawbone the markets into thinking there is one coming in the near future.
Today's Markets
In Asia, Japan +0.8% to 16231. Hong Kong +0.5% to 21322. China +0.4% to 3060. India flat at 27815.
In Europe, at midday, London +0.2%. Paris +0.5%. Frankfurt +0.2%.
Futures at 6:20, Dow +0.1%. S&P +0.1%. Nasdaq +0.2%. Crude -1.4% to $46.17. Gold+0.4% to $1340.10.
Ten-year Treasury Yield -2 bps to 1.48%
Today's Economic CalendarIn Europe, at midday, London +0.2%. Paris +0.5%. Frankfurt +0.2%.
Futures at 6:20, Dow +0.1%. S&P +0.1%. Nasdaq +0.2%. Crude -1.4% to $46.17. Gold+0.4% to $1340.10.
Ten-year Treasury Yield -2 bps to 1.48%
7:00 MBA Mortgage Applications
8:30 Import/Export Prices
9:00 Fed's Kaplan: Monetary Policy
10:00 Atlanta Fed's Business Inflation Expectations
10:30 EIA Petroleum Inventories
1:00 PM Results of $12B, 30-Year Note Auction
2:00 PM Treasury Budget
2:00 PM Fed's Beige Book
6:30 PM Fed's Harker: Economic Outlook
Volatility OIL Biotech8:30 Import/Export Prices
9:00 Fed's Kaplan: Monetary Policy
10:00 Atlanta Fed's Business Inflation Expectations
10:30 EIA Petroleum Inventories
1:00 PM Results of $12B, 30-Year Note Auction
2:00 PM Treasury Budget
2:00 PM Fed's Beige Book
6:30 PM Fed's Harker: Economic Outlook
UVXY XIV VXX TVIX UWTI DWTI GUSH DRIP USO LABD IBB LABU
VMIX VMAX
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
JUNO AND KITE both active after JUNO was allowed to resume trials Both are gapping premarket look for intraday setups don't chase
SWIR pr could get an 18 test and roll small float look for volume not really doing much premarket
TEVA gapping off guidance trendline break don't chase
WTW off watch list some call activity yesterday big short interest already up a few days in a row
JBLU another one off the watch lists getting some action premarket off Load factor June Traffic
TWLO looking like it could want more
OTIV PR recent crack over the 1 dolla holla can be a pop and flopper so don't chase it
JUNO AND KITE both active after JUNO was allowed to resume trials Both are gapping premarket look for intraday setups don't chase
SWIR pr could get an 18 test and roll small float look for volume not really doing much premarket
TEVA gapping off guidance trendline break don't chase
WTW off watch list some call activity yesterday big short interest already up a few days in a row
JBLU another one off the watch lists getting some action premarket off Load factor June Traffic
TWLO looking like it could want more
OTIV PR recent crack over the 1 dolla holla can be a pop and flopper so don't chase it
*PR = Press Release*
This weeks Ticker Tv Stocks to watch and their performance below
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