Good morning folks,
Yesterday was a wild as the markets try to digest the impact of everything that is taking place around the globe.
We have the Fed statement today which could add fuel to that volatility. FDX >a company that should benefit from lower gas prices just posted their numbers and they weren't all that encouraging and the guidance was a bit on the weak side. Technically on the daily chart FDX has been in a clear uptrend and 169 or so is the 50 day simple moving average being tested in the premarket. The next major area of support is right around 154.00. The transportation sector could take a hit today. I found it interesting that oil had a slight stabilization day yesterday and several of the airlines had a down day. Look for that correlation to continue if oil finds its footing or begins to bounce.
The market is green for now lets see how we end the day. To me the close is more important than the open.
I typically sit on the sidelines during Fed day unless their is a trade that I simply can't pass up because the risk reward is just to compelling. Be careful out there and expect more volatility.
Stocks on the radar
ICLD announced their backlog careful it can be a pop and flopper, CERS had some FDA news yesterday after the close could be in play, ASPX big popper off of top line results watch for a setup, TASR getting a pop off of yesterday news from L.A. Mayor they confirmed they are the supplier of the body cams testing 52 week highs premarket DGLY ISNS VII could pop in sympathy, QLGC 12 dollla holla active premarket love the daily setup, CLNE and QTWW still on my radar from yesterday
JNUG JDST TVIX TZA UUP NDAQ SPY USO for market sentiment
Seeking Alpha
Today's Markets:
In Asia, Japan +0.4% to 16820. Hong Kong -0.4% to 22586. China +1.3% to 3060. India -0.3% to 26710.
In Europe, at midday, London -0.7%. Paris -0.4%. Frankfurt -0.6%.
Futures at 6:20: Dow +0.5%. S&P +0.5%. Nasdaq +0.5%. Crude -1.2% to $55.24. Gold +0.3% to $1197.80.
Ten-year Treasury Yield +4 bps to 2.1%
CNBC in the news
| IN THE NEWS TODAY |
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| U.S. stock futures were higher in early trading, after Tuesday’s wild swings on Wall Street. Investors are wondering whether the Fed can lift spirits, as concern mounts over a new set of worries including oil and Russia. (CNBC) |
| Fed policymakers wrap-up their final meeting of the year this afternoon, with an expected tweaked policy statement, economic forecasts, and a news conference by Chair Janet Yellen. (CNBC) |
| Mohamed El-Erian, former Pimco CEO, joins CNBC's "Squawk Box" at 8:30 a.m. ET with his view on the investing landscape and the role the Fed may play. |
| Oil prices continued to dive, with U.S. crude dropping more than 1 percent and Brent on either side of $60 a barrel. Non-OPEC member Russia has indicated it does not plan to cut output. (Reuters) |
| Apple (AAPL) has halted online sales of its iPhones, iPads and other products in Russia amid financial turmoil triggered by the steep decline in the country's currency. (AP) |
| Moody's Investors Service has cut Alaska's outlook to negative from stable, citing the recent weakness in oil prices, which "now threatens to rapidly and significantly reduce the state's budgetary reserves." (CNBC) |
| The New York City premiere of Sony's "The Interview," which had been set for tomorrow night, has been cancelled, as some theater chains pull the movie in the face of terror threats. (NBC News) |
| Another bill has been sent to the president for his signature, with Congress giving final approval to a massive tax package affecting millions of businesses and individuals. (AP) |
| The number of Americans who say the country is heading in the right direction has ticked up, and so has the approval ratings of the president and Congress, according to a new NBC/News-Wall Street Journal poll. (CNBC) |
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 | BY THE NUMBERS |
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| Mortgage rates dropped last week to their lowest level since May of 2013, which was just before rates spiked on news that the Fed would "taper" its purchases of mortgage-backed securities; home buyers today, however, are not reacting to the move lower. |
| Before the Fed meeting ends, the government releases the November consumer price index, with economists expecting a decline of 0.1 percent after an unchanged reading the prior month. Excluding the often-volatile food and energy components, core consumer inflation is seen rising 0.1 percent after October’s increase of 0.2 percent. |
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| STOCKS TO WATCH |
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| The Federal Communications Commission is said to be readying to fine Sprint(S) a record $105 million over allegations it billed customers for unwanted text alerts and other services. |
| Chinese Internet giant Baidu (BIDU) has confirmed its investment in Uber as the online car-hailing service seeks to gain ground on rivals with powerful backers in one of the world's biggest transportation markets. Details of the stake were not disclosed. |
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Best of Success!
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