Yesterday gave us a very nice bounce and a close over the 270 mark in the IBB and if you watched last weeks market wrap or the Ticker Tv stocks to watch video then you know that is what we were hoping would play out.
New home sales came in strong giving that sector a boost. Tech also put in an impressive day as some of the beaten up names experienced swift bounce backs while the Semi's continued their strong move taking the SMH trough potential resistance in impressive fashion. Financials also had a nice move likely tied to the tone of the Fed.
While overall it was a good day but the real tests still lie ahead.
It was nice to see the bullish action! However, we need the bulls to maintain control and break us out of the range that we have been trading in and eventually take us to new high with powerful high volume conviction.
The dollar continues to strengthen and that wreaked havoc on gold and the miner ETF's while oil managed to maintain stability. The Fed members continue speaking throughout the week and we have already heard from Bullard on CNBC suggesting its time to pull the trigger on the rate increase. If more people begin to believe the Fed is moving in June that could change the tone of the markets.
We get lots of economic data today however PMI and oil inventories are the two data points that could really impact the markets.
Today's Markets
In Asia, Japan +1.6% to 16757. Hong Kong +2.7% to 20368. China -0.2% to 2815. India+2.3% to 25881.
In Europe, at midday, London +0.7%. Paris +1%. Frankfurt +1.4%.
Futures at 6:20, Dow +0.4%. S&P +0.4%. Nasdaq +0.5%. Crude +1.1% to $49.17. Gold-0.6% to $1221.30.
Ten-year Treasury Yield flat at 1.86%
Today's Economic CalendarIn Europe, at midday, London +0.7%. Paris +1%. Frankfurt +1.4%.
Futures at 6:20, Dow +0.4%. S&P +0.4%. Nasdaq +0.5%. Crude +1.1% to $49.17. Gold-0.6% to $1221.30.
Ten-year Treasury Yield flat at 1.86%
7:00 MBA Mortgage Applications
8:30 International trade in goods
9:00 FHFA House Price Index
9:45 PMI Services Index Flash
10:30 EIA Petroleum Inventories
1:00 PM Results of $13B, 2-Year FRN Auction
1:00 PM Results of $34B, 5-Year Note Auction
1:00 PM Fed's Kaplan: Monetary Policy
ETF's on my Radar 8:30 International trade in goods
9:00 FHFA House Price Index
9:45 PMI Services Index Flash
10:30 EIA Petroleum Inventories
1:00 PM Results of $13B, 2-Year FRN Auction
1:00 PM Results of $34B, 5-Year Note Auction
1:00 PM Fed's Kaplan: Monetary Policy
Volatility OIL Biotech
UVXY XIV VXX TVIX VMIX VMAX UWTI DWTI GUSH DRIP LABD IBB LABU
UVXY XIV VXX TVIX VMIX VMAX UWTI DWTI GUSH DRIP LABD IBB LABU
Gold SILVER Dollar Financials
GLD NUGT JNUG USLV UUP FAS XLF FAZ
Minerals and Miners Utilities RETAIL Transportation
XME GDX GDXJ XLU XRT IYT XTN
DUST JDST
Agriculture SPY
DBA, DAG SPXS SPXL
STOCKS ON MY RADAR PREMARKET
YELP Nice looking setup on the daily ERII announced buyback and new contracts bounced of 9 support yesterday after a negative Seeking alpha piece see if that level hols as support for potential bounce
INSY potential follow through of yesterday move off PR
SRPT popping off the fact that FDA will not be making a decision by May 26th that is sending the shares ripping > Don't chase it
NEOS potential trend change after nice day yesterday looking for potential follow through
NMBL gap off earnings small float recent insider buys
*PR means press release*
Stocks that are in this weeks Stocks to watch Ticker Tv session and their performance
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