We are flashing red premarket after the markets had yet another choppy session yesterday. The SMH which has been the leading sector is starting to show some signs of weakness. Oil and energy names had a nice continuation move off of a bigger draw down in supply than was anticipated but that strength could be nearing an end as it approaches potential price and short term technical resistance. We also have rig counts out later today that could give us a slight impact on price if we add or subtract a significant amount of rigs.
We have some disturbing news out of North Korea conducting another nuclear test and making claims of miniaturized nuclear weapons. The aerospace and defense sector has been pulling back recently and could be worth watching off this news. LMT specifically has had a decent pullback to an area of potential price support.
We have several Fed members speaking today and that could also set the tone for the markets. There could be some jawboning about a rate increase in September even though over 70 percent of economists and analysts do not think a hike in September is likely. Watch the dollar strength, precious metals and miners if we get some aggressive hawkish comments.
Today's Markets
In Asia, Japan flat at 16965. Hong Kong +0.8% to 24099. China -0.6% to 3078. India-0.9% to 28797.
In Europe, at midday, London -0.3%. Paris -0.4%. Frankfurt -0.3%.
Futures at 6:20, Dow -0.3%. S&P -0.3%. Nasdaq -0.2%. Crude -1.6% to $46.88. Gold-0.3% to $1337.80.
Ten-year Treasury Yield +1 bps to 1.63%
Today's Economic CalendarIn Europe, at midday, London -0.3%. Paris -0.4%. Frankfurt -0.3%.
Futures at 6:20, Dow -0.3%. S&P -0.3%. Nasdaq -0.2%. Crude -1.6% to $46.88. Gold-0.3% to $1337.80.
Ten-year Treasury Yield +1 bps to 1.63%
7:45 Fed's Rosengren: Economic Outlook
9:30 Fed's Kaplan speech
1:00 PM Baker-Hughes Rig Count
8:15 PM Fed's Kaplan speech
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STOCKS ON MY RADAR PREMARKET
*PR = Press Release
AGEN insider buys in this area testing potential price resistance
AST potential follow through off Pr from yesterday will likely raise cash soon
UVXY and TVIX if volatility starts rising
LXRX gapping right into potential price resistance at 20 big short position positive cash flow and plenty of cash small floater could get a little whacky that is also phase 3 data
RH better than expected earnings big short interest gapping premarket
Stocks discussed in this week's Ticker Tv Live Session Listed Below
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