Alpha Wolf Capital : Survival In Trading

Good morning folks,

After a 3 day run and nearly reclaiming everything that was wiped out over the 2 day Brexit route we are looking at a slightly red premarket as we head into a new month and a long holiday weekend.

How the markets act over the next several trading days will be important from a technical standpoint. We may just grind around in this range until earnings season kicks off in the next couple weeks.

Gold and silver continue to show strength along with utilities which are both considered to be safety trades. The XLU utility ETF hit all time highs an looks as though it is heading higher. It is actually trading like a high growth momentum stock. That action continues to send mixed signals about the investment climate.

Oil was weak yesterday after tapping the 50 dollar a barrel resistance the previous day. We have the baker hughes rig count today and if rig counts rise that could put additional pressure on oil.

The dollar showed a little strength after a 2 day pull and it remains something you should be paying close attention to since it is correlated to the price action of so many sectors.

I will be doing my weekly market wrap video after the close today.

Today's Markets

In Asia, Japan +0.7% to 15682. Hong Kong closed. China +0.1% to 2932. India +0.5% to 27142.
In Europe, at midday, London +0.6%. Paris +0.3%. Frankfurt +0.4%.
Futures at 6:20, Dow -0.2%. S&P -0.2%. Nasdaq -0.2%. Crude -0.4% to $48.14. Gold+1.1% to $1335.60.
Ten-year Treasury Yield -8 bps to 1.41%

Today's Economic Calendar

Auto Sales
9:45 PMI Manufacturing Index
10:00 ISM Manufacturing Index
10:00 Construction Spending
11:00 Fed's Mester: Economic Outlook and Monetary Policy
1:00 PM Baker-Hughes Rig Count