Good morning folks,
Yesterday seemed like a reply of the day before with some good action on the open and then a snooze-fest for the remainder of the day. Today could be a bit different since we have Mario Draghi and the ECB policy statement coming out today. Lets see if he pulls out the bazooka today and does "whatever it takes, without undue delay and no limits" to stimulate the European economies. Those are some of the statements he has made in the past and now we will see if the words turn into action.
Gold, oil and the dollar could all be impacted by Draghi's remarks and break us out of the short term consolidation we have seen in the markets over the last few days. The direction we break is anyone's guess.
Breaking News
07:45:49am
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ECB cuts all interest rates, increases QE to €80bn and announces 4 new TLRTO's via ForexLive
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07:48:15am
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ECB's Negative Deposit Rate Increased from 0.3% to 0.4%
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07:52:55am
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Gold Futures Sell Off to Low of $1243.90
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Even though gold was down yesterday the way it has been holding up lately is impressive. We have a lot of geopolitical tensions (North Korea, Iran, Russia and Ukraine) and if they continue to intensify gold will likely move higher.
Oil and energy names are still a great place to find volatility and some short term scalps for both longs and shorts.
07:52:12am
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Crude Futures Spike to High of $38.45 Following ECB Rate Cut
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The one index that is looking weak and sickly is the IBB. The biotech sector continues to be targeted by politicians and we have had few drug failures that have hurt the industry and until we get some significant positive news flow out of the sector I would avoid or play with extreme caution.
Today's Economic Calendar
8:30 Initial Jobless Claims
9:45 Bloomberg Consumer Comfort Index
10:00 Quarterly Services Report
10:30 EIA Natural Gas Inventory
1:00 PM Results of $12B, 30-Year Note Auction
2:00 PM Treasury Budget
4:30 PM Money Supply
4:30 PM Fed Balance Sheet
9:45 Bloomberg Consumer Comfort Index
10:00 Quarterly Services Report
10:30 EIA Natural Gas Inventory
1:00 PM Results of $12B, 30-Year Note Auction
2:00 PM Treasury Budget
4:30 PM Money Supply
4:30 PM Fed Balance Sheet
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
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
ENZ Earnings decent looking daily
HSC recent insider buys and new contract announcement after the close
CYRN insider purchases thin one ISR insider buy .87 cents 22K decent looking daily potential 1 test and roll
FLML raise guidance potential bouncing off 8 which could be long term support
BOX earnings gapper
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