Today we get the petroleum status report and that could put the brakes on oil's recent bounce if we get a bigger than anticipated inventory build. Mario Draghi also speaks today which could have some impact on dollar strength. Gold, silver and the miners took a little pause yesterday and volatility remains non existent. The IBB and healthcare managed a little bounce but still look fairly weak while the financials took a pause along with the SMH.
The markets have been trading in a very tight range I am not sure what it will take to break us out of this range but the longer it takes the more powerful the break is likely going to be. Regardless of which direction that is because we have been building a base and that is going to act as a launching pad or a cliff. There is no way to know which direction it will be with certainty.
The economic data that we have been getting recently does not seem to support the rate hike in September but if the Fed doesn't do it will the markets lose any bit of faith they may be holding onto that the Fed actually knows what they are doing?? If they do raise in September when the data doesn't support it, will the markets sell off like the did last December?
In reality I don't really care which way we break out, just as long as we break out and bring some volatility back int the markets. I have been bored out of my mind I can only do so many pushups, curls and meditation!! I seem to be spending a lot of time talking myself out of trades lately but reality is if I can't get a stock on my terms I don't take the trade. It may be boring but its patient discipline which is something I think all successful traders need to work on constantly.
Today's Markets
In Asia, Japan -0.3% to 16958. Hong Kong +0.8% to 23919. China +0.1% to 3095. India +0.4% to 29045.
In Europe, at midday, London +0.4%. Paris flat. Frankfurt -0.2%.
Futures at 6:20, Dow +0.1%. S&P +0.1%. Nasdaq +0.1%. Crude +1.9% to $46.37. Gold +0.3% to $1353.
Ten-year Treasury Yield flat at 1.54%
Today's Economic CalendarIn Europe, at midday, London +0.4%. Paris flat. Frankfurt -0.2%.
Futures at 6:20, Dow +0.1%. S&P +0.1%. Nasdaq +0.1%. Crude +1.9% to $46.37. Gold +0.3% to $1353.
Ten-year Treasury Yield flat at 1.54%
8:30 Initial Jobless Claims
9:45 Bloomberg Consumer Comfort Index
10:00 Quarterly Services Report
10:30 EIA Natural Gas Inventory
11:00 EIA Petroleum Inventories
3:00 PM Consumer Credit
4:30 PM Money Supply
4:30 PM Fed Balance Sheet
9:45 Bloomberg Consumer Comfort Index
10:00 Quarterly Services Report
10:30 EIA Natural Gas Inventory
11:00 EIA Petroleum Inventories
3:00 PM Consumer Credit
4:30 PM Money Supply
4:30 PM Fed Balance Sheet
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STOCKS ON MY RADAR PREMARKET
*PR = Press Release
VCYT has been grinding higher into this news just crossed the 200 day could get a 6 test and roll lots of debt high cash burn could need to raise soon NBRV upgrade 16 price target super tiny thing one do not chase decent amount of cash but no earnings
BVX nice looking daily needs some volume for a potential 5 test
CARA GWPH ZGNX potential follow through day
LEDS CREE OESX RVLT off China news yesterday decent looking daily chart setups
Stocks discussed in this week's Ticker Tv Live Session Listed Below
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