Its Still All About Oil

Good morning folks, 
We had a little pull in the markets yesterday as the markets absorbed the recent move. The beaten up oil names that have made gargantuan moves over the last week finally took a breather. The black bubbly also pulled back and today's inventory numbers could provide some fuel for the direction of the next move. Last weak's number was fairly bearish and oil initially dropped on the news and then had a powerful reversal taking it and and sector higher.Just because that is what happened last week doesn't mean that is what will happen this week. Don't go in with any preconceived notion of what you think is going to happen. Wait for the action to tell you how this report is going to play out and remember that the first initial move is usually a head fake. The markets and oil are still joined at the hip, which doesn't make a whole lot of sense because higher oil prices usually aren't  a good thing for consumers and most businesses. We could see some green to red moves in the sector since (as I write this) oil is looking to open up. 

Gold continues to consolidate on the daily and premarket we are looking at a bit of a pullback while the indexes are looking like they are going to give us an opening gap higher. I still hold DUST and JDST lotto's but could be looking to unload a few today if we get an extreme move. We could see some fireworks off the open and then settle in like we did yesterday with choppy trendless action until we get the oil inventory numbers.  

As the the markets struggled yesterday it was interesting to see money flowing back into the FANG stocks.  

Volatility & SPY                            OIL                                                  Biotech
UVXY XIV VXX TVIX SPXS     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 
BIOC PR FENG earnings potential 4 roll CMLS potential pre earnings pop 
ASTG pr has already had a nice run on the daily
BUFF earnings 
VRNG pr debt restructure 
OTIV pr potential dolla roll  Today's Economic Calendar

7:00 MBA Mortgage Applications
10:00 Wholesale Trade
10:30 EIA Petroleum Inventories
1:00 PM Results of $20B, 10-Year Note Auction