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Membership Options from Alpha Wolf Trading on Vimeo.
Yesterday the markets had a small pull back, oil made another impressive move while the dollar took a hit.
Today however the dollar is showing a bit of strength in premarket and that is putting pressure on Gold while the market are also slightly red.
Today's action will likely be tied to the Fed minutes. Leading up to the announcement we could have markets trading in a tight range with some choppy action and then react depending on how dovish or hawkish the minutes appear. If they are interpreted as giving strong indication that they are going to raise rates in September or December you may see a continuation of the dollar strength and the weakness in stocks and gold could intensify. What the Fed says and what the Fed does could be two very different things. If the markets believe that the Fed has little or no credibility then it won't really matter what the minutes say.
The other data point that could move the markets is the EIA petroleum report due out at 10:30 ET. Oil has had an impressive 4 day run and if we get a significant inventory build it could put pressure on the black bubbly. Last week's report which should have been bearish for oil din't have the impact that most were anticipating. After an initial move down the black gold managed a swift reversal and closed higher on the day. The strength was impressive and gave an indication that the recent rout in oil may be over.
No one knows how the markets will react to today's data points so all we can do is be prepared for either outcome. Don't react too quickly to what you think you know. Wait for the markets to confirm with price action how they interpret the data. You may miss the initial move but in the long run you will be rewarded for your patience.
Today's Markets
In Asia, Japan +0.9% to 16745. Hong Kong -0.5% to 22799. China flat at 3109. India-0.2% to 28005.
In Europe, at midday, London -0.2%. Paris -0.5%. Frankfurt -0.9%.
Futures at 6:20, Dow -0.1%. flat. Nasdaq flat. Crude -1% to $46.13. Gold -0.7% to $1347.70
Ten-year Treasury Yield flat at 1.58%
Today's Economic CalendarIn Europe, at midday, London -0.2%. Paris -0.5%. Frankfurt -0.9%.
Futures at 6:20, Dow -0.1%. flat. Nasdaq flat. Crude -1% to $46.13. Gold -0.7% to $1347.70
Ten-year Treasury Yield flat at 1.58%
7:00 MBA Mortgage Applications
10:00 Atlanta Fed's Business Inflation Expectations
10:30 EIA Petroleum Inventories
1:00 PM Fed's Bullard speech
2:00 PM FOMC minutes
10:00 Atlanta Fed's Business Inflation Expectations
10:30 EIA Petroleum Inventories
1:00 PM Fed's Bullard speech
2:00 PM FOMC minutes
STOCKS ON MY RADAR PREMARKET
*PR = Press Release
LL favorable court ruling could get a bounce off the news
SCYX received an upgrade CEO picked up 100k shares in June @ 2.39 Book value 1.87 a share getting some action premarket
DUST and JDST if gold really rolls over
TVIX and UVXY if the markets really roll over
DRIP and ERY if oil and energy really rolls over
VRX gapping off MS upgrade and 42 price target
TRIL gapping off FDA news thin one don't chase look for a setup could see a 13 test where there will likely be some supply
The stocks discussed in this week's Ticker Tv are listed below
Here is the link to the video
http://ticker.tv/vegastrader66
August 12 -19th 2016 Market Wrap and Sector watch from Alpha Wolf Trading on Vimeo.
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