DailyWatch 7-29-2016

 

Today’s Markets

In Asia, Japan +0.6% to 16529. Hong Kong -1.28% to 21891. China -0.5% to 2979. India -0.6% to 28054.
In Europe, at midday, London -0.1%. Paris +0.1%. Frankfurt +0.5%.
Futures at 6:20, Dow -0.1%. S&P -0.1%. Nasdaq flat. Crude -0.7% to $40.85. Gold -0.1% to $1340.40.
Ten-year Treasury Yield Flat at 1.52%

Friday’s Economic Calendar

8:30 GDP Q2
8:30 Employment Cost Index
9:30 PM Fed’s Williams Speech
9:45 Chicago PMI
10:00 Consumer Sentiment
1:00 PM Baker-Hughes Rig Count
3:00 Farm Prices

 

 

 

Daily Market Summary

The S&P futures are trading at 2161.50 this morning. This narrow range in the S&P continues but not for long. Markets can defy what should happen, so you can never say never. Everyone and their brother says the market is over valued(including me).   Continue reading “DailyWatch 7-29-2016”

DailyWatch 7-28-16

 

Today’s Markets

In Asia, Japan -1.1% to 16477. Hong Kong -0.2% to 22174. China +0.1% to 2994. India +0.7% to 28208.
In Europe, at midday, London -0.2%. Paris -0.1%. Frankfurt flat.
Futures at 6:20, Dow +0.1%. S&P +0.1%. Nasdaq flat. Crude -0.2% to $41.82. Gold +0.9% to $1347.
Ten-year Treasury Yield flat at 1.5%

Today’s Economic Calendar

8:30 International trade in goods
8:30 Initial Jobless Claims
9:45 Bloomberg Consumer Comfort Index
10:30 EIA Natural Gas Inventory
11:00 Kansas City Fed Mfg Survey
1:00 PM Results of $28B, 7-Year Note Auction
4:30 PM Money Supply
4:30 PM Fed Balance Sheet

 

 

Daily Market Summary

The S&P futures are trading at 2158.50 this morning. Futures have fallen steadily this morning. We have been in a tight, narrow trading range for the last two weeks. The S&P futures are trading in a range between 2152 and 2172. Continue reading “DailyWatch 7-28-16”

DailyWatch 7-25-16

 

Today’s Markets

In Asia, Japan flat at 16620. Hong Kong +0.1% to 21993. China +0.1% to 3015. India +1.1% to 28095.
In Europe, at midday, London flat. Paris +0.7%. Frankfurt +0.9%.
Futures at 6:20, Dow flat. S&P flat. Nasdaq flat. Crude -0.6% to $43.94. Gold -0.5% to $1316.40.
Ten-year Treasury Yield +2 bps to 1.58%

 

Today’s Economic Calendar

10:30 Dallas Fed Manufacturing Survey
1:00 PM Results of $26B, 2-Year Note Auction

 

 

Daily Market Summary

The S&P futures are trading at 2168.50 this morning. So, what is the next move? Do we move higher or come back and test the 2123 support ? I think we will go and test 2200 on the /ES before we go test support. It is possible we could have a parabolic move and charge all the way to 2280. The markets do not have to be rational. Continue reading “DailyWatch 7-25-16”

DailyWatch 7-22-16

 

Today’s Markets

In Asia, Japan -1.1% to 16627. Hong Kong -0.2% to 21964. China -0.9% to 3013. India +0.3% to 27803.
In Europe, at midday, London +0.5%. Paris +0.2%. Frankfurt -0.1%.
Futures at 6:20, Dow +0.2%. S&P +0.2%. Nasdaq +0.2%. Crude +0.2% to $44.83. Gold -0.5% to $1325.70.
Ten-year Treasury Yield +1 bps to 1.57%

 

 

Today’s Economic Calendar

9:45 PMI Manufacturing Index Flash
1:00 PM Baker-Hughes Rig Count

 

Daily Market Summary

The S&P futures are trading at 2161 this morning. We saw a modest pullback yesterday. We have broken through long time resistance at 2134 on the S&P. We are still looking for modest gains with S&P futures headed toward 2180 by next week. Continue reading “DailyWatch 7-22-16”

DailyWatch 7-20-16

 

Today’s Markets

In Asia, Japan -0.3% to 16682. Hong Kong +1% to 21882. China -0.3% to 3028. India +0.5% to 27916.
In Europe, at midday, London +0.3%. Paris +1.2%. Frankfurt +1.4%.
Futures at 6:20, Dow +0.4%. S&P +0.3%. Nasdaq +0.3%. Crude +0.3% to $45.59. Gold -0.5% to $1325.30.
Ten-year Treasury Yield +2 bps to 1.57%

Today’s Economic Calendar

7:00 MBA Mortgage Applications
10:30 EIA Petroleum Inventories

 

Daily Market Summary

The S&P futures are trading at 2163 this morning. We expect to see continued movement to the upside for the short term as The VIX is approaching its price target.  It will be continuing to watch for the VIX and our Market Pulse indicator to see an overbought market. Continue reading “DailyWatch 7-20-16”

DailyWatch 7-19-16

 

Today’s Markets

In Asia, Japan +1.4% to 16723. Hong Kong -0.6% to 21673. China -0.2% to 3037. India +0.2% to 27788.
In Europe, at midday, London -0.4%. Paris -1.2%. Frankfurt -1.2%.
Futures at 6:20, Dow -0.2%. S&P -0.3%. Nasdaq -0.3%. Crude -0.5% to $45.72. Gold +0.3% to $1333.20.
Ten-year Treasury Yield -4 bps to 1.54%

Today’s Economic Calendar

8:30 Housing Starts
8:55 Redbook Chain Store Sales

Daily Market Summary

The S&P futures are trading at 2056 this morning down about 4 in morning trading. As we have been saying, we have have reached conservative profit targets in many indexes. We still have some room to run higher though.

Our Market Pulse Index is at 44%. This is the beginning of overbought territory. We would expect to see a reading closer to 60% before we would see a significant pullback.

Stocks on the Move

  • NVAX- Novavax Inc
  • STATE 1
  • YESTERDAY’S CLOSING PRICE $7.59
  • TARGET PRICE  $9.07
  • AVERAGE DAYS IN STATE 1- 35 DAYS
  • AVERAGE STATE 1 MOVE- 33%

DailyWatch 7-18-16

Today’s Economic Calendar

10:00 NAHB Housing Market Index
4:00 PM Treasury International Capital

 

 

 

 

Daily Market Summary

The S&P futures are trading at 2159 in morning trading. No change in the commentary from last week. Most of the major averages are in State 1. Many of them excluding the NDX have hit price targets. I think we will see a melt up in equities until we reach an overbought level. Continue reading “DailyWatch 7-18-16”

DailyWatch 7-14-16

 

Today’s Economic Calendar

8:30 Initial Jobless Claims
8:30 Producer Price Index
9:45 Bloomberg Consumer Comfort Index
10:00 Fed’s Bullard speech
10:30 EIA Natural Gas Inventory
11:15 Fed’s Lockhart speech
1:15 PM Fed’s George: U.S. Economy
4:30 PM Money Supply
4:30 PM Fed Balance Sheet
7:00 PM Fed’s Kaplan: Monetary Policy

 

Daily Market Summary

The S&P futures are trading at 2162 in morning trading. We said in Mondays post that we could see a parobolic movement either up or down. We have charged through and taken out 2134. Continue reading “DailyWatch 7-14-16”

DailyWatch 7/11/16

 

Today’s Economic Calendar

10:00 Labor market condition index
10:00 Fed’s George: U.S. Economy
1:00 PM Results of $24B, 3-Year Note Auction
9:30 PM Fed’s Mester speech

 

Daily Market Summary

The S&P futures are trading at 2127 in morning trading. We have talked about the market heading up to test the 2134 high. It came within 1 point of that in overnight trading at 2133. Continue reading “DailyWatch 7/11/16”

DailyWatch 7-6-16

 

Today’s Economic Calendar

7:00 MBA Mortgage Applications
8:30 International Trade
8:30 Gallup U.S. Job Creation Index
8:55 Redbook Chain Store Sales
9:00 Daniel Tarullo speech

 

Daily Market Summary

The S&P futures are trading at 2071 this morning. Clearly the market is having trouble with the 2080 level that we have been talking about for sometime now. Yesterday, I made mention of the gold and bond market sending a warning signal. Continue reading “DailyWatch 7-6-16”