Tag Archives for " daily recap article "
T3’s Take 3: The Go-Nowhere Market Is Still Going Nowhere
1) Another Day, Another Yawn I was really hoping that the Fed rate announcement and Dutch elections this week would spur some actual, real-life, lasting volatility. But following Wednesday’s post-Fed power rally, the market went right back into snooze mode. The S&P 500 fell -0.1% to 2378.25, with the Nasdaq flat. The Russell 2000 showed a little relative strength, which was nice to see. We also saw key large-cap tech stocks like Apple (AAPL) and nVidia (NVDA) rally intraday to finish near the highs of the day. Regional banks (KRE), which have been key in the post-election rally, also made a nice move off its morning low. 2) Levels to Watch in SPX This morning, T3 Live Chief Strategic Officer Scott Redler issued analysis of the S&P, saying the following: “Watch 2370-2377. We need to hold above that. Otherwise, more choppy downside can happen.” The S&P actually bottomed today at 2377.74, just missing Scott’s key range that would indicate trouble is ahead. So the bulls remain out of reach of the frustrated bears. 3) Quick Sentiment Update In yesterday’s Weekly Sentiment Update, I pointed out that the ISE Sentiment Index showed a huge surge in call options buying. But call buyers backed off quickly today. The ISE Sentiment Index fell to the low 70’s, indicating that traders went right back to buying up puts in anticipation of downside.. Increased put buying is actually good for the bulls, because it indicates that traders are still somewhat nervous. It’s very rare for traders to be skittish at the top.
Continue Reading -->T3’s Take 3: The US Dollar Sinks on a ‘Meh’ Jobs Report
1) A ‘Meh’ Jobs Report This morning, the US Bureau of Labor Statistics said that 235,000 nonfarm payrolls were added in February, beating the 200,000 consensus. The unemployment rate was 4.7%, in-line with expectations. However, average hourly earnings grew by just 0.2%, missing the expected 0.3% reading. That drove profit-taking in the US dollar, which has been moving higher in anticipation of a March rate hike. That said, the headline number was still pretty good, and traders are unwavering in their belief that March is in play. The CME’s FedWatch Tool shows that markets are pricing a 91% probability of a rate increase this month. 2) The Big Yawn Market While I was hoping for some volatility on today’s jobs numbers, we didn’t it. Stocks once again traded in a very tight range, with the S&P 500 trading up 0.3%. The Russell 2000 and S&P 500 also made modest gains. Like the US dollar, bank stocks saw profit-taking on the disappointing hourly earnings number. Meanwhile, rate-sensitive groups like gold miners and utilities caught a bid. The brightest spot of the day was biotech, which rallied nicely in the afternoon on speculation that sector leader Gilead (GILD) is about to announce an acquisition. Plus, President Trump is expected to appoint Scott Gottlieb, a doctor with deep ties to the pharma industries, as FDA commissioner. Presumably, he’d create the friendlier regulatory environment that Trump has promised. 3) Neutrality Last week, various sentiment indicators showed that traders were getting very cocky. This week, the picture is quite mixed. The AAII Sentiment Survey showed that individual investors have become much more cautious, even though the major indices barely moved. Click here to read my full Weekly Sentiment Update.
Continue Reading -->T3’s Take 3: Twitter Skyrockets on M&A Chatter, Facebook Not so Much
Trade Options Like a Pro… My buddy Doug Robertson is hosting a FREE options trading webinar next week. Doug’s going to be teaching his unique method for creating income with options, so I suggest you check it out. 1) Twitter Blasts Into Orbit This morning, CNBC reported that Twitter (TWTR) may be in talks to be taken over by Google (GOOGL) or Salesforce.com (CRM). While Twitter has been the source of regular takeover rumors for over a year, traders certainly seemed to believe the new chatter. Twitter shares rose an incredible 21.4% to $22.62 today, its best performance in over 2 years, while call options volume exploded. In fact, Twitter call options set a volume record today, surpassing their last record set on December 26, 2013 – when Twitter’s stock price hit an all-time high of $74.73. 2) Markets Take a Break US stocks took a breather today after 4 straight days of gains and a record high in the Nasdaq Composite yesterday. The S&P 500 fell -0.6% to 2164.69 as traders locked in gains. Large cap tech was weak, with Apple (AAPL) falling -1.7% to $112.71 after market research firm GFK said iPhone 7 sales could disappoint. Crude oil dropped -3.2% to $44.85 after Saudi Arabia dismissed reports of an output freeze or cut at next week’s OPEC meeting in Algiers. As a result, oil and energy services stocks led the decliners’ column. Biotechnology, industrials, and financials were also weak. 3) Facebook Suffers a PR Blow Shares of momentum favorite Facebook (FB) took a little dive today after apologizing for an error in its video measurement tools. Facebook mistakenly overstated the average time its users spent watching videos for the past 2 years. This news raises questions about the success of Facebook’s high-profile push into video, and is causing some frustration on the part of advertisers that make decisions based upon Facebook video metrics. However, Facebook said that its miscalculations did not impact customer billings or the number of video views, which should soften the blow to some extent. P.S. Don’t forget to check out Doug Robertson’s options event. Monday’s Trading Calendar US Economics (Time Zone: EDT) 10:00 New Home Sales (Aug): exp. 600k, prior 654k 10:00 New Home Sales MoM (Aug): exp. -8.30%, prior 12.40% 10:30 Dallas Fed Manf. Activity (Sep): exp. -3, prior -6.2 11:45 Fed’s Tarullo Speaks on Next Steps in Bank Stress Testing 13:30 Fed’s Kaplan Speaks in San Antonio Moderated Q&A Global Economics 04:00 EUR German Ifo Business Climate 05:30 CHF SNB Chairman Jordan Speaks 10:00 EUR ECB Pres. Draghi Speaks 19:10 CAD BOC Gov. Poloz Speaks Earnings Before Open: Cal-Maine Foods (CALM) Carnival Corp (CCL) After Close: None of Significance
Continue Reading -->T3’s Take 3: Hawks and Doves Collide on Fed Day
WEBINAR: Prop Trading May Not Be Right For You… But it has incredible financial benefits for many, many traders and could make a difference in your bottom line. Click here to learn more… 1) Bank of Japan Starts a Party The Japanese Nikkei and Topix indices had a great night after the Bank of Japan made its monetary policy announcement. The Bank did not go deeper into negative rates as had been rumored, but will instead focus on controlling rates and steepening the yield curve. A steeper yield curve means bigger profits for financial institutions, so Japanese banks and insurers staged huge rallies. The yen also rallied against major currencies. Many investors have been concerned about the impact of negative rates, so the new strategy was received favorably. The positive action in Japan flowed through to Europe, which also had a big stock rally with notable strength in financials. 2) The Fed! As expected, the Fed left interest rates unchanged. But what was really interesting was that they gave ammunition to both hawks and doves. 3 Fed officials dissented from the decision, voting to raise rates. The Fed also said that the rate hike case strengthened, which all but seals the deal for a December rate hike. That certainly seems in-line with all the hawkish commentary we’ve been hearing from Fed officials. However, the Fed now expects 2 rate increases in 2017, down from 3 in June. The Fed also cuts its GDP and interest rate forecasts, and said that inflation is still below its goals. So the overall picture is actually pretty mixed – and I’d argue that today may have been a victory for the doves. 3) The Market Reaction For the third day in a row, the S&P 500 hit an early morning high before ticking lower. However, the Fed statement ignited a very solid stock rally into the close, with the S&P rising 1.1% to 2162.87. The Russell 2000 powered up 1.4% to 1245.02. And since the Fed wasn’t as hawkish as many traders expected, we saw rallies in bonds and commodities after the announcement hit. Meanwhile, the dollar fell sharply on Japan’s lack of action and the Fed’s mixed statement. WTI Crude oil rose 3.5% after the American Petroleum Institute and Energy Information Administration reported large drops in US crude inventories. That had energy stocks in the winners’ column. But the biggest hot mover today was the junior gold miners ETF (GDXJ), which rose a whopping 8.0% on the post-Fed pop in gold. Thursday’s Trading Calendar US Economics (Time Zone: EDT) 08:30 Chicago Fed Nat Activity Index (Aug): exp. 0.15, prior 0.27 08:30 Initial Jobless Claims (9/17): exp. 261k, prior 260k 08:30 Continuing Claims (9/10): exp. 2141k, prior 2143k 09:00 FHFA House Price Index MoM (Jul): exp. 0.30%, prior 0.20% 09:45 Bloomberg Economic Expectations (Sep): prior 44.5 09:45 Bloomberg Consumer Comfort (9/18): prior 42.2 10:00 Existing Home Sales (Aug): exp. 5.45m, prior 5.39m 10:00 Existing Home Sales MoM (Aug): exp. 1.10%, prior -3.20% 10:00 Leading Index (Aug): exp. 0.00%, prior 0.40% 10:30 EIA Natural Gas Storage Change (9/16): exp. 54, prior 62 10:30 EIA Working Natural Gas Implied Flow (9/16): exp. 54, prior 62 11:00 Kansas City Fed Manf. Activity (Sep): exp. -3, prior -4 13:00 Fed’s Lockhart Gives Introductory Remarks on Labor Market Global Economics 09:00 EUR ECB Pres. Draghi Speaks 13:00 GBP BOE Gov. Carney Speaks Earnings Before Open: Autozone (AZO) Rite Aid Corp (RAD) After Close: None of Significance
Continue Reading -->T3’s Take 3: Stocks Get Stuck in First Gear
Learn Dave Green’s Trading Secrets Click here to start speculating the SMART way… 1) Stuck in First Gear Stocks were stuck in first gear today following a downturn in Europe overnight. European banks fell hard after Deutsche Bank (DB) said the Department of Justice is seeking $14 billion to settle a legal case related to mortgage-backed securities. Bloomberg Intelligence had estimated the settlement would be in the range of $4 – $8 billion. The S&P 500 fell as low as 2131.20, but recovered some of its losses into the close and finished at 2139.09, down -0.4%. The Nasdaq outperformed due to strength in large-cap biotech names, notably Celgene (CELG), which reported positive study data. Crude oil declined again, sending energy shares down, with notable weakness in oil service. This morning, Intel (INTC) raised its third-quarter revenue and gross margin guidance on rebounding demand for PC’s. Intel shares rose 3.0%, but failed to significantly lift the broader semiconductor universe. 2) CPI Surprise! US economic data has been deteriorating since the July 29 Q2 GDP report, which had some traders losing faith in the Fed’s ability to hike rates this year. But the hawks got a small boost today with the better-than-expected August Consumer Price Index report, the last major economic data release before Tuesday’s Federal Reserve rate decision. The CPI rose 1.1% year-over-year, beating the 1.0% consensus, while the core CPI, which excludes volatile food and energy prices, rose 2.3%. The report had traders upping their rate hike bets, and Fed funds futures now imply a 55% chance of a December rate hike, up from 50% earlier today. 3) Traders Sell the Apple News Apple’s (AAPL) iPhone 7 went on sale today after a week of positive news, though they were not easy to find. In fact, demand is so strong that some iPhone models will not be delivered until November. Earlier this week, T-Mobile (TMUS) and Sprint (S) both said that iPhone pre-orders grew substantially from last year. iPhone 7 reviews have been very positive, and meanwhile, the Samsung Galaxy Note 7 – a key iPhone 7 competitor — has been recalled due to exploding batteries. That certainly tipped the iPhone vs. Galaxy debate in Apple’s favor. However, Apple shares saw a “sell the news” reaction to the actual release today as traders locked in profits after 4 days of strong gains. Monday’s Trading Calendar US Economics (Time Zone: EDT) 10:00 NAHB Housing Market Index (Sep): exp. 60 , prior 60 Global Economics 21:30 AUD Monetary Policy Meeting Minutes Earnings Before Open: None of Significance After Close: None of Significance
Continue Reading -->T3’s Take 3: Apple Shines in Mixed Markets
Interested in a Prop Trading Career? Click here to take our short quiz. 1) Mixed Markets After 3 days of big ups and downs, the S&P 500 stayed stuck in first gear today by falling just -0.1% to 2125.77. However, there was plenty of action below the surface. For example, the Nasdaq Biotech ETF (IBB) rose 1.2% on Allergan’s (AGN) acquisition of Vitae (VTAE). Meanwhile, energy stocks got slammed on a decline in crude oil. We also saw weakness in banks ahead of tomorrow’s big batch of economic numbers. US economic data has been deteriorating since late July, and if the streak continues tomorrow, traders will continue backing off their rate hike bets. Fed Funds futures now imply a 53% chance of a December rate hike, down from 60% last week. 2) Options Traders Go Gaga for Apple Despite the middling broader action, Apple (AAPL) rallied another 3.5% today on continued optimism regarding iPhone 7 sales. However, the big action was was in Apple options. Over 1.4 million Apple call options traded today — over 4 times the 10-day average. And typically, 1.5 Apple calls trade for each put. Today, 2.5 Apple calls traded for each put. It’s safe to say that traders are feeling incredibly optimistic about Apple’s prospects, but beware: the danger of a sell-the-news reaction is growing. 3) Jeff Cooper on HES Just before the close, T3’s Jeff Cooper initiated a short of Hess Corp. (HES), saying the following: We should already be short as HES triggered a Rule of 4 Sell last week. It backtested its 200 day and looks like it’s in a runaway downside move. We are going short here at the market using a 1.50 stop. P.S. Don’t forget to take our prop trading quiz. Thursday’s Trading Calendar US Economics (Time Zone: EDT) 08:30 Empire Manufacturing (Sep): exp. -1, prior -4.21 08:30 Current Account Balance (2Q): exp. -$121.0b, prior -$124.7b 08:30 Retail Sales Advance MoM (Aug): exp. -0.10%, prior 0.00% 08:30 Retail Sales Ex Auto MoM (Aug): exp. 0.20%, prior -0.30% 08:30 Retail Sales Ex Auto and Gas (Aug): exp. 0.30%, prior -0.10% 08:30 Retail Sales Control Group (Aug): exp. 0.40%, prior 0.00% 08:30 Initial Jobless Claims (9/10): exp. 265k, prior 259k 08:30 Continuing Claims (9/3): exp. 2150k, prior 2144k 08:30 PPI Final Demand MoM (Aug): exp. 0.10%, prior -0.40% 08:30 PPI Ex Food and Energy MoM (Aug): exp. 0.10%, prior -0.30% 08:30 PPI Ex Food, Energy, Trade MoM (Aug): exp. 0.10%, prior 0.00% 08:30 PPI Final Demand YoY (Aug): exp. 0.10%, prior -0.20% 08:30 PPI Ex Food and Energy YoY (Aug): exp. 1.00%, prior 0.70% 08:30 PPI Ex Food, Energy, Trade YoY (Aug): prior 0.80% 08:30 Philadelphia Fed Business Outlook (Sep): exp. 1, prior 2 09:15 Industrial Production MoM (Aug): exp. -0.20%, prior 0.70% 09:15 Capacity Utilization (Aug): exp. 75.70%, prior 75.90% 09:15 Manufacturing (SIC) Production (Aug): exp. -0.30%, prior 0.50% 09:45 Bloomberg Consumer Comfort (9/11): prior 44 10:00 Business Inventories (Jul): exp. 0.10%, prior 0.20% 10:30 EIA Natural Gas Storage Change (Sep 9): exp. 55, prior 36 10:30 EIA Working Natural Gas Implied Flow (Sep 9): exp. 55, prior 36 Global Economics 03:30 CHF Libor Rate 04:30 GBP Retail Sales m/m 07:00 GBP Official Bank Rate Earnings Before Open: None of Significance After Close: Oracle Corp (ORCL)
Continue Reading -->T3’s Take 3: Volatility Is Back in a Big Way
T3’s Take 3: Volatility Is Back in a Big Way Interested in becoming a professional prop trader? Click here to fill out our eligibility form. ********* 1) Bulls Give Back Yesterday, the S&P 500 rose 1.5%, the first 1%+ up day since July 8. The bears got their revenge today as the index dropped -1.5% to 2126.78, with the VIX rising 17.7% to 17.85. Market observers were scrambling to find explanations for the sell-off, but for me, the story remains the same: we are seeing a good old-fashioned return of volatility after 2 months of markets going nowhere. Some folks are pointing at deterioration in US economic data – but that’s nothing new. The real question is what’s next? There are no easy answers, but crude oil will be in focus tomorrow given inventory releases today after the close (from the API) and tomorrow morning (from the EIA). 2) Apple Booms on iPhone Sales Chatter Apple (AAPL) was a superstar amid a sea of red, rallying 2.4% to $107.95. Early this morning, T-Mobile (TMUS) Chief Executive Officer John Legere Tweeted that iPhone 7 pre-orders set company records. Sprint (S) CEO Marcelo Claure then jumped into the news flow and added that iPhone pre-orders were nearly 4X higher than last year’s. Consumers appear to be upgrading their iPhone at a faster-than-expected rate, and Apple may also be benefiting from a stumble by a key rival Samsung. Samsung recalled Galaxy Note 7 smartphone due to exploding batteries, which certainly tilts the iPhone vs. Galaxy debate in Apple’s favor. 3) VIX-Plosion Trade Update On August 9, I went long VIX calls, based on my expectation that the VIX could break over 30 within 2 months. We may now be seeing the seeds of such a move, so I don’t have plans to lock in profits just yet. On Friday, we had the first -1% down day in the SPX since June 27. Yesterday, we had the first 1% up day since July 8. And today, the SPX fell -1.5% with the Russell 2000 down -1.9%. The Nasdaq was ‘only’ down -1.1%, but that’s largely because of Apple’s (AAPL) rally. So it looks like the summer snoozefest has officially made way for some autumn excitement. Wednesday’s Trading Calendar US Economics (Time Zone: EDT) 07:00 MBA Mortgage Applications (9/9): prior 0.90% 08:30 Import Price Index MoM (Aug): exp. -0.10%, prior 0.10% 08:30 Import Price Index YoY (Aug): exp. -2.20%, prior -3.70% 10:30 DOE U.S. Crude Oil Inventories (9/9): exp. 4000k, prior -14513k 10:30 DOE Cushing OK Crude Inventory (9/9): exp. -100k, prior -434k 10:30 DOE U.S. Gasoline Inventories (9/9): exp. -1100k, prior -4211k 10:30 DOE U.S. Distillate Inventory (9/9): exp. 1500k, prior 3382k 10:30 DOE U.S. Refinery Utilization (9/9): exp. -0.35%, prior 0.90% 10:30 DOE Crude Oil Implied Demand (9/9): prior 17600 10:30 DOE Gasoline Implied Demand (9/9): prior 10250 10:30 DOE Distillate Implied Demand (9/9): prior 4655.9 Global Economics 04:30 GBP Average Earnings Index 04:30 GBP Claimant Count Change 04:30 GBP Unemployment Rate 18:45 NZD GDP q/q 21:30 AUD Unemployment Rate Earnings Before Open: Cracker Barrel Old Country Store (CBRL) After Close: Apogee Enterprises (APOG)
Continue Reading -->T3’s Take 3: Biotech, Fed Chatter Rescues Crying Bulls
1) Bulls Fight Back The S&P 500 fell -0.4% to 2119.12 in the early going, which had traders worrying that we’d see a repeat of Friday’s horrendous action. We also saw early weakness in overseas equities, crude oil, bonds, and gold. However, traders very quickly bought the dip, and the S&P finished up 1.5% at 2159.04. This was the first 1% up day in the S&P 500 since July 8. And since Friday was the first -1% down day since June 27, perhaps we are seeing a real return to volatility after 2 months of near-zero movement. 2) Biotech Saves the Day The first clue that the bull was ready to fight back was the early rebound in biotech (IBB), which was supported by 3 pieces of favorable news. First, Horizon Pharma (HZNP) announced it is buying Raptor Pharmaceutical (RPTP) for $800 million. Gilead (GILD) CEO John Milligan also said at an investment conference that the company planned on making regular acquisitions. And finally, Presidential candidate Hillary Clinton fell ill at a 9/11 Memorial Service in New York. Since she is viewed as anti-biotech, anything that hurts her chances of becoming President helps the sector. The Nasdaq Biotech Index (IBB) rose 3.0% to $287.11 today. 3) Fed Schmed This afternoon, Lael Brainard, a voting member of the Federal Open Market Market Committee, gave a highly-anticipated speech in Chicago. Brainard’s speech leaned dovish, making a case for leaving rates as-is. Considering that Brainard is considered to be one of more dovish members of the Fed, this was not a major surprise. However, her speech had a big impact on markets: the US dollar fell, while gold and stocks ripped higher. Traders are also now pricing in a mere 22% of a September rate hike, down from 32% a week ago. Throughout August, traders loved hawkish Fed chatter. It looks like that’s flipped around now. Tuesday’s Trading Calendar US Economics (Time Zone: EDT) 06:00 NFIB Small Business Optimism (Aug): exp. 94.8 , prior 94.6 14:00 Monthly Budget Statement (Aug): exp. -$107.0b , prior -$64.4b Global Economics 03:15 CHF PPI m/m 04:30 GBP CPI y/y 05:00 EUR ECB Pres. Draghi Speaks 05:00 EUR German ZEW Economic Sentiment 18:45 NZD Current Account Earnings Before Open: None of Significance After Close: None of Significance
Continue Reading -->T3’s Take: Oil and Biotech Scream but Fail to Start a Party
1) Oil Blasts Into Orbit Today, we saw the biggest decline in US crude inventories since January 1999. The Energy Information Administration said US crude stocks fell -14.5 million barrels last week. Traders were expecting a 905K increase, so needless to say, the market was taken by surprise. WTI crude rose 4.2% to $47.41, and in turn, energy stocks led the market. Oil service names were especially strong. However, we still see a lot of conflicting headlines regarding possible changes in OPEC policy, so stay on your toes. 2) Biotech Rips on More Deal Hopes Yesterday, biotech caught a bid into the close after Reuters reported that GW Pharmaceuticals (GWPH) hired advisers after being approached for a takeover. Today, Gilead (GILD) added to the positivity by saying at an investor conference that it “feels an urgency” to do deals, noting an interest in cancer drugs. Traders immediately looked at cancer treatment specialists Tesaro (TSRO) and Clovis Oncology (CLVS) as potential targets, and both stocks rose sharply today. The Nasdaq Biotech Index ETF (IBB) rose 0.7% to $288.03, vastly outperforming the major indices. 3) Stocks Grind Gears Even with crude oil and biotechnology rocking hard, the S&P 500 couldn’t drive any upside, and it declined -0.2% to 2181. That felt a bit odd, since typically, stocks perform well when oil and biotech rally. Apple (AAPL) sank -2.6% on a downgrade from Wells Fargo, which weighed on the Nasdaq. Gold took a hit today as the dollar rose sharply against the yen, which sent gold miners (GDX) sharply lower. We also saw weakness in US Treasuries, retailers, and real estate names. Friday’s Economic Calendar US Economics (Time Zone: EDT) 08:15 Fed’s Rosengren to Deliver Economic Forecast in Boston 09:30 Fed’s Kaplan Speaks in Austin, Texas 10:00 Wholesale Inventories MoM (Jul F): exp. 0.10%, prior 0.00% 10:00 Wholesale Trade Sales MoM (Jul): exp. 0.20%, prior 1.90% 13:00 Baker Hughes U.S. Rig Count (9/9): prior 497 13:00 Baker Hughes U.S. Rotary Gas Rigs (9/9): prior 88 13:00 Baker Hughes U.S. Rotary Oil Rigs (9/9): prior 407 Global Economics 04:30 GBP Goods Trade Balance 08:30 CAD Unemployment Rate Earnings Before Open: Hovnanian Enterprises (HOV) Kroger (KR) Mattress Firm Holding (MFRM) After Close: None of Significance
Continue Reading -->T3’s Take 3: Biotech Rocks on Deal Chatter
Try this hot market… Tons of stock and options traders are switching to this exciting, lucrative market. Click here to learn more 1) New iPhone Day! Apple (AAPL) held a new product launch event today, unveiling the iPhone 7 and 7 Plus smartphones, plus an updated Watch. The iPhone 7 line features water and dust protection, plus faster processors and enhanced camera features. In a somewhat controversial move, Apple also removed the headphone jack from the iPhone, paving the way for an all-new wireless audio interface. While Apple didn’t make any Earth-shattering announcements, iPhone fans seemed generally pleased with the new feature set, and Apple shares rose 0.6% to $108.36, outpacing the broader markets. 2) Biotech Rips on Deal Chatter Biotech was lackluster for most of the day, but slammed up into the close on takeover rumors. This afternoon, Reuters reported that hot biotech/marijuana play GW Pharma (GWPH) hired advisers after receiving takeover interest. GWPH closed up 23.6% to $104.03, and in turn, the Nasdaq Biotech ETF (IBB) rose 0.7% to $286.10, making it one of the best-performing sector ETFs. Curiously, this morning, some very “lucky” trader bought 380 February $100 GWPH calls at $4.20: Those calls closed at $12.66. That’s what I call good timing… 3) YAWN! Traders are still falling asleep as the S&P 500 fell -0.01% to 2186.16, with the VIX falling back under 12. We haven’t had a 1% S&P move since July 8, and we haven’t had a 1% down day since June 27. On the plus side, we saw some very bullish action below the surface. Aside from the big biotech bounce, small caps were very strong, with the Russell 2000 rising 0.6%. Regional banks also bounced hard, and crude oil rose after the close on a very bullish inventory report from the American Petroleum Institute. Thursday’s Trading Calendar US Economics (Time Zone: EDT) 08:30 Initial Jobless Claims (9/3): exp. 265k, prior 263k 08:30 Continuing Claims (8/27): exp. 2151k, prior 2159k 08:45 Bloomberg Sept. United States Economic Survey 09:45 Bloomberg Consumer Comfort (9/4): prior 43.4 10:30 EIA Natural Gas Storage Change (9/2): exp. 42, prior 51 10:30 EIA Working Natural Gas Implied Flow (9/2): exp. 42, prior 51 11:00 DOE U.S. Crude Oil Inventories (9/2): exp. 905k, prior 2276k 11:00 DOE Cushing OK Crude Inventory (9/2): exp. 100k, prior -1039k 11:00 DOE U.S. Gasoline Inventories (9/2): exp. -750k, prior -691k 11:00 DOE U.S. Distillate Inventory (9/2): exp. 1150k, prior 1496k 11:00 DOE U.S. Refinery Utilization (9/2): exp. -0.40%, prior 0.30% 11:00 DOE Crude Oil Implied Demand (9/2): prior 17080 11:00 DOE Gasoline Implied Demand (9/2): prior 10060.4 11:00 DOE Distillate Implied Demand (9/2): prior 4887.3 15:00 Consumer Credit (Jul): exp. $16.000b, prior $12.320b Global Economics 07:45 EUR Minimum Bid Rate 08:30 EUR ECB Press Conference 08:30 CAD Building Permits m/m 12:20 CAD Gov Council Member Lane Speaks 21:30 CNY CPI y/y 21:30 CNY PPI y/y Earnings Before Open: Barnes & Noble (BKS) Conn’s Inc (CONN) After Close: Finisar Corp (FNSR) Restoration Hardware (RH) Zumiez (ZUMZ)
Continue Reading -->