Oil weakness and the IBB failing to hold the 200 day were my focus yesterday and with some of the other sectors starting to show some signs of weakness the caution flags are beginning to rise once again. Technically we are starting to see some cracks, nothing to be panicked about but enough to give me reason to take pause from taking new long term hold positions until we have more clarity.
Gold and the miner ETF's were under pressure once again but the dollar seems to be running into potential price resistance so we could see some sort of relief rally in the sector.
If oil continues to weaken and it starts drifting back towards that 40 dollar a barrel level we can expect to see some continued pressure on the energy sector and that could then lead to weakness in the financials which have been on fire recently.
CRM the dominant cloud play darling of Wall Street disappointed on earnings after the close yesterday and that could put some pressure on the tech sector.
Tomorrow's jobs report is supposed to be a potential market moving event but what if it comes in just where the street consensus expects it to be? What if there are no surprises one way or the other? Where does that put the Fed for a Septemeber rate hike? We may have no clarity at all heading into a long holiday weekend. The markets could just continue in this grinding out pattern until we get the Fed decision on rates later this month.
Premarket we are flashing green perhaps off of news from overseas that China factory activity increased at its fastest pace in nearly 2 years.
Today's Markets
In Asia, Japan +0.2% to 16926. Hong Kong +0.8% to 23162. China -0.7% to 3063. India-0.1% to 28423.
In Europe, at midday, London +0.1%. Paris +1.1%. Frankfurt +0.6%.
Futures at 6:20, Dow +0.2%. S&P +0.2%. Nasdaq +0.3%. Crude -0.1% to $44.66. Gold-0.2% to $1309.20.
Ten-year Treasury Yield +3 bps to 1.6%
Today's Economic CalendarIn Europe, at midday, London +0.1%. Paris +1.1%. Frankfurt +0.6%.
Futures at 6:20, Dow +0.2%. S&P +0.2%. Nasdaq +0.3%. Crude -0.1% to $44.66. Gold-0.2% to $1309.20.
Ten-year Treasury Yield +3 bps to 1.6%
Auto Sales
Chain Store Sales
7:30 Challenger Job-Cut Report
8:30 Initial Jobless Claims
8:30 Productivity and Costs
8:30 Gallup Good Jobs Rate
9:45 PMI Manufacturing Index
10:00 ISM Manufacturing Index
10:00 Construction Spending
10:30 EIA Natural Gas Inventory
4:30 PM Money Supply
4:30 PM Fed Balance Sheet
Chain Store Sales
7:30 Challenger Job-Cut Report
8:30 Initial Jobless Claims
8:30 Productivity and Costs
8:30 Gallup Good Jobs Rate
9:45 PMI Manufacturing Index
10:00 ISM Manufacturing Index
10:00 Construction Spending
10:30 EIA Natural Gas Inventory
4:30 PM Money Supply
4:30 PM Fed Balance Sheet
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STOCKS ON MY RADAR PREMARKET
*PR = Press Release
MPEL some good news out of Macau this morning casinos could be heating up some call activity in WYNN
NVCR Beaten up recent IPO gapping premarket off PR could get some follow through potential 9 test and roll
SMTC earnings beat nice looking daily chart already gapping premarket could set up intraday
VKTX pr tiny floater insider buys @ 1.24 in April could get some action likely going to need to raise cash soon
ENVA upgrade with 12 PT price has been in consolidation mode decent looking daily
The stocks discussed in this week's Ticker Tv are listed below
August 26th -September 2nd 2016 Market Wrap and Sector Watch from Alpha Wolf Trading on Vimeo.
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