Good morning Folks,
So the red we saw premarket yesterday continued throughout the day with the IBB and IWM being the two indexes that gave me the most concern. The IBB was able to close above the 100 day but the IWM closed below its 100 day and the 122 mark that I have been closely watching. Interest rates rose yesterday off of some of the economic data that came out and the helped fuel some of the weakness that we were experiencing.
Oil continued to rise while the UUP (which correlates to the dollar strength) appears to be putting in a bear flag right on its short term trend line.The strong dollar was the biggest issue for many analysts as we approached earnings season.
We are getting a flash of green premarket which just shows how indecisive the markets are as we continue trading in the range we have been trading in for the last several months.
There are great day trading opportunities out there but overall the market still feel heavy to me.
Stocks on my Radar Premarket
CGIX pr could be a bounce play nearing 200 day support, POWR Gapper off earnings don't chase it, PTBI day two after an amazing run yesterday already gapping be very careful, BRDR gapper, RDCM pr thin 10 roll premarket possible continuation, MGI up on takeover rumors another one not to chase, MNGA pr could get a nice bounce but be aware they still have an investigation going on over the explosion that killed an employee at their plant so caution is advised, FATE collaboration with JUNO big gap premarket >JUNO buying shares of FATE priced @ 8,
CNBC in the News
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| The April ADP report on private sector jobs is out at 8:15 a.m. ET, as anticipation about Friday's government employment report ramps up. The economy is seen to have added 205,000 new private sector jobs last month, following growth of 189,000 in March. |
| At 8:30 a.m. ET, the government is expected to report that first quarter productivity declined at an annual rate of 1.8 percent, following a 2.2 percent decline during 2014's fourth quarter. Unit labor costs are expected to show a 4.3 percent increase. |
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| The Energy Department releases at 10:30 a.m. ET its weekly Wednesdaylook at oil and gasoline inventories. |
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| A sharp rise in interest rates at the end of last week sent mortgage applications on a slide. Total volume fell 4.6 percent for the week ending May 1 from the previous week, according to the Mortgage Bankers Association. |
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| Earnings reports out this morning include the latest numbers from Chesapeake Energy (CHK), Occidental Petroleum (OXY), SodaStream (SODA), and Wendy's (WEN). Among today's after-the-bell numbers, Tesla Motors (TSLA), 21st Century Fox (FOXA), Keurig Green Mountain (GMCR), and Whole Foods (WFM) are out. |
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| Ahead of its annual meeting this morning, Bank of America (BAC) reversed course and said it would soon allow shareholders to vote on the company's decision last year to combine the CEO and chairman titles. |
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| STOCKS TO WATCH |
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| Shares of Salesforce.com (CRM) were higher again in premarket trading, with Bloomberg reporting that Microsoft (MSFT) is considering a bid for the provider of customer service software. |
| Herbalife (HLF) earned an adjusted $1.29 per share for its latest quarter,beating forecasts by 29 cents, with revenue in line. The nutritional products maker also raised its full-year profit forecast. |
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| LendingClub (LC) doubled estimates with adjusted quarterly profit of 2 cents per share, with revenue exceeding forecasts as well. The online lenderraised its revenue forecast for the full year. |
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| ABInBev (BUD) reported a sharp jump in first quarter profit, despite weak demand in the U.S. and negative impact from the strong dollar. |
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| JPMorgan Chase (JPM) is in advanced talks with government officials and the Federal Reserve to resolve investigations into its foreign exchange trading. |
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| Sears Holdings (SHLD) is no longer offering the Kardashian Kollection, with the family reportedly saying they believe Sears is a "sinking ship." |
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| IN THE NEWS TODAY |
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| Fed Chair Janet Yellen will get a chance to weigh in on the debate about U.S. interest rates in a conversation this morning with IMF Managing Director Christine Lagarde. (MarketWatch) |
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| The British trader fighting extradition to the U.S. on charges of having contributed to the 2010 "flash crash" on Wall Street told a London court today that he'd done nothing wrong. (Reuters) |
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| The 2010 "flash crash" that sent the Dow plunging almost 1,000 points wasfive years ago today. But since then, there have been changes made in the hope of reducing the chances that it could happen again. |
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| Wealthy voters like Democrat Hillary Clinton best among presidential hopefuls, according to the third CNBC Millionaire Survey, and think she'd win against Republican Jeb Bush. (CNBC) |
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| Alexion Pharmaceuticals (ALXN) has agreed to buy Synageva BioPharma (GEVA) in a $8.4 billion deal to bolster its development of therapies for patients with rare diseases. (Reuters) |
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| GlaxoSmithKline (GSK) today reported earnings that fell short of expectations, while revenue matched forecasts. The health care giant is also presenting a strategic roadmap today. CEO Andrew Witty joins CNBC's "Squawk Box" at8:30 a.m. ET. |
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| The European Union has unveiled a signature plan to unite the region's fragmented online markets and crack down on possible abuses by U.S. Internet firms. (Dow Jones) |
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| Facebook (FB) and IBM (IBM) are entering into a marketing partnership to combine data and analytics from the two firms to create personalized advertising for users. (NY Times) |
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| After being out of the spotlight for more than two years, former J.C. Penney (JCP) CEO Ron Johnson is back at the helm of a company, one he founded called Enjoy, aimed at improving the service customers get with their online purchases. (CNBC) |
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| The FAA plans to announce today an initiative to study drone flights beyond the sight of the operator. The agency has virtually banned such flights and proposed rules earlier this year to prohibit them. (WSJ-subscription) |
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| The Germanwings co-pilot suspected of deliberately crashing a plane in the French Alps in March, killing all 150 people on board, practiced a similar descent on a previous flight. (Reuters) |
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Seeking Alpha
Today's Markets:
In Asia, Japan closed. Hong Kong -0.4% to 27641. China -1.6% to 4231. India -2.6% to 26717.
In Europe, at midday, London +0.3%. Paris +0.6%. Frankfurt +0.8%.
Futures at 6:20: Dow +0.3%. S&P +0.3%. Nasdaq +0.1%. Crude +2.5% to $61.89. Gold -0.3% to $1189.90.
Ten-year Treasury Yield +4 bps to 2.18%
Notable earnings before today's open: ANSS, ARQL, ATHM, AVA, AYR, BAM, BUD, CEQP, CHH, CHK, CKSW, CLH, CMLP, CRNT, CRZO, CSTE,DAVE, DDD, DNR, EE, EGAN, ENB, EXK, GDP, GLOG, HAIN, HCLP, HFC, HSC, HSNI, HTA, IMN, INFI, KELYA, LAMR, LG, LINC, MEMP, MPO, MSI,MWE, NOR, NXTM, OXY, PERI, PGNX, POWR, RDC, RHP, SBGI, SCMP, SE, SNH, SODA, STRA, SUP, SWC, TMHC, OTCQB:TRXC, VG, VOYA, VSI,WCG, WD, WEN, WIX, WMC, WPX, XLS, XRAY
Notable earnings after today's close: ACAS, ALB, ALDW, AMTG, ANAC, AREX, ATML, ATO, ATVI, AUQ, AWK, BEAT, BGC, BNFT, BREW, BRKR,BWC, CCRN, CECO, CF, CHEF, CHGG, CJES, CKP, CLR, CLVS, CODI, CPA, CPE, CSLT, CSOD, CUZ, CXW, CZR, DMD, DPM, ECR, EFC, EGN,ENSG, EPAM, EPM, EQC, ESS, ETE, ETP, EXTR, EXXI, FLTX, FNGN, FNV, FOXA, FRSH, GBDC, GMCR, GUID, HIVE, HR, HUBS, IL, IO, IVR, JKHY,JONE, KIM, KND, KW, LCI, LGCY, LHCG, MASI, MCHX, MELI, MET, MITT, MRIN, MRO, MTDR, NEWP, NLY, NP, NSIT, NSTG, NUS, OAS, ORA,OSUR, PAYC, PDLI, PEGA, PFMT, PGTI, PHH, PMT, PNNT,
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