The Fed wound up being a non event while the oil inventory report did not stop oil from climbing higher for a 5th consecutive day. Oil is flirting with crossing 50 dollars a barrel but it wouldn't be a huge surprise if it took a pause here. The dollar had an indecision day along with gold and the mining ETF's.
The IBB is managing to hold onto a potentially key technical area of price support. However we have several small Biotech companies reporting missed primary endpoints this morning JNP, EARS,CERU. The risks associated with holding small biotechs overnight are well demonstrated there and I hope none of you are impacted from those events.
Retail pulled back a bit yesterday after some earnings disappointments. WMT reported better than expected numbers this morning and raised guidance which could help give the sector a bounce.
the SMH, SPY and NASDAQ continue to hold up in nice consolidation patterns.
Today's Markets
In Asia, Japan -1.6% to 16486. Hong Kong +1% to 23023. China -0.2% to 3104. India+0.4% to 28123.
In Europe, at midday, London flat. Paris +0.1%. Frankfurt +0.5%.
Futures at 6:20, Dow flat. S&P flat. Nasdaq -0.1%. Crude +0.3% to $47.64. Gold +0.4% to $1354.50.
Ten-year Treasury Yield -1 bps to 1.55%
Today's Economic CalendarIn Europe, at midday, London flat. Paris +0.1%. Frankfurt +0.5%.
Futures at 6:20, Dow flat. S&P flat. Nasdaq -0.1%. Crude +0.3% to $47.64. Gold +0.4% to $1354.50.
Ten-year Treasury Yield -1 bps to 1.55%
8:30 Initial Jobless Claims
8:30 Philly Fed Business Outlook
9:45 Bloomberg Consumer Comfort Index
10:00 Fed's Dudley Speech
10:00 Leading Indicators
10:30 EIA Natural Gas Inventory
4:00 PM Fed's Williams: Economic Outlook
4:30 PM Money Supply
4:30 PM Fed Balance Sheet
8:30 Philly Fed Business Outlook
9:45 Bloomberg Consumer Comfort Index
10:00 Fed's Dudley Speech
10:00 Leading Indicators
10:30 EIA Natural Gas Inventory
4:00 PM Fed's Williams: Economic Outlook
4:30 PM Money Supply
4:30 PM Fed Balance Sheet
STOCKS ON MY RADAR PREMARKET
*PR = Press Release
RPTP potential continuation off acquisition speculation
CHK Director buys 50k @ 5.59 getting some action pre market look for a six test and roll
ACRS potential 20 roll off pr this morning super thin stock do not chase it only Phase 2 data
BVX nice pop yesterday potential follow though and 4 test
OSK upgraded > hot looking daily Huge cup with handle or Inverse head and shoulders and a nice looking flag
CLR sold non strategic assets 47.50 seems to be a big spot for it if it can take that out with some volume could get a 50 test
MIFI flirting with a 3 roll smaller float could be getting a bit extended
UIS contract announcement decent looking daily small float with 20 percent short
VRX gap off pr
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