Not All Bears Are Scary!

They can be quite entertaining! 

Good morning Folks, 
We had a bit of a pause as the indexes approached the price resistance I talked about Wednesdays market wrap video. It was actually a better day than I had anticipated with only a mild pullback. We could be trying to consolidate here to build up enough force to take out the key price areas.

Oil spiked premarket yesterday but then sold off hard after the inventory numbers came out. I was impressed with a few of the oil names and how stable they were even though oil was weak. KMI really stood out to me. Oil is looking weak premarket but that could change this afternnon with the weekly rig count numbers.

Gold had a very impressive run taking the miners with it. That was interesting since the earnings from NEM and ABX were not all that impressive.  However as we have talked about before the market is a forward looking mechanism and if gold continues to shine and climb higher the miners will follow. Today will be interesting to see if the perceived safety trade in gold will continue. It may present some nice scalp opportunities. 

We are getting near the end of earnings season and it has not been impressive by any stretch of the imagination. We had a couple of earnings out from retailers yesterday WMT and JWN were disappointing and could pull the sector lower. 

It could be more of a wild day since we have options expiration and volatility will likely pick up. Unlike yesterday where it was more of a chop fest. We remain in the"nail and bail" approach as Grimm likes to say in the Traders Den chat room. If you haven't checked out the room stop by and say hello. http://www.chatzy.com/TradersDen

Today's Economic Calendar

8:00 Fed's Mester: Economic Outlook
8:30 Consumer Price Index
1:00 PM Baker-Hughes Rig Count

ETF & ETN watchlist

Volatility                           Oil                                                      Biotech
UVXY XIV VXX TVIX     UWTI DWTI GUSH DRIP                     IBB LABU LABD       
 Gold                                                                  SILVER             Dollar      Financials
GLD NUGT JNUG DUST JDST  GDX GDXJ         USLV          UUP      FAS XLF FAZ

Stocks on my radar premarket
AMAT nice earnings beat gapper could have more in it up to the 19.40 but I would not chase it wait for a setup off the open


Market Wrap from Feb17th

Market Wrap form Last Friday