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T3’s Take 3: Banks Lead the Way
1) Banks Rock Following FOMC Chair Janet Yellen’s hawkish-leaning speech in Jackson Hole on Friday, traders are increasingly certain that the Fed will raise interest rates this year. That sent up bank stocks, which benefit from higher rates, up big today. The S&P Financials ETF (XLF) rose 0.9% to $24.32, led by solid gains in Wells Fargo (WFC) and JP Morgan (JPM). The strong bank action pushed the market well into positive territory, more than making up for Friday’s small dip. The S&P 500 rose 0.5% to 2180.38. The Nasdaq underperformed due weakness in biotechnology and its smaller exposure to financials. 2) Why the USDJPY Will Drop In today’s Trade of the Week column, T3 Live’s Kurt Capra suggested a short of USDJPY: Entry Area: 101.80 Stop Price: 104.00 Target Area: 97.00-98.00 USDJPY has been in a downtrend on the daily chart for quite some time. Last month, it rallied and subsequently fell back to the prior low. Recently, it has been consolidating within a range. It is now at the top of the range where we’ll look for sellers to reemerge. By the way, I recommend you check out Kurt’s forex trading webinar scheduled for after the close tomorrow. 3) Apple Drama? Apple’s (AAPL) had a beautiful rally off the May lows when Warren Buffett announced he took a position in the iPhone maker. Apple shareholders are bound to see even more excitement over the next week. First, Apple sent out invites to its September iPhone 7 unveiling. And more immediately, Bloomberg reported that Apple could learn the outcome of its Irish tax case as early as tomorrow. According to the European Commission, Ireland gave Apple illegal tax breaks, which could result in financial penalties. Estimates of Apple’s damage run anywhere from 100 million to as much as 19 billion euros in a worst-case scenario, so the possible outcome here truly seems like a total mystery. Tuesday’s Trading Calendar US Economics (Time Zone: EDT) 09:00 S&P CoreLogic CS US HPI MoM SA (Jun): prior 0.19% 09:00 S&P CoreLogic CS 20-City NSA Index (Jun): prior 188.29 09:00 S&P CoreLogic CS 20-City MoM SA (Jun): exp. -0.10%, prior -0.05% 09:00 S&P CoreLogic CS 20-City YoY NSA (Jun): exp. 5.12%, prior 5.24% 09:00 S&P CoreLogic CS US HPI NSA Index (Jun): prior 180.7 09:00 S&P CoreLogic CS US HPI YoY NSA (Jun): prior 5.05% 10:00 Consumer Confidence Index (Aug): exp. 97, prior 97.3 Global Economics 03:00 EUR Spanish Flash CPI y/y 04:30 GBP Net Lending to Individuals m/m 08:30 CAD Current Account 21:00 AUD RBA Assist. Gov Debelle Speaks 21:00 AUD ANZ Business Confidence Earnings Before Open: Abercrombie & Fitch (ANF) DSW Inc (DSW) After Close: Bob Evans Farms (BOBE)
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Don’t Fear Forex… Are you a stock or options trader in search of new profit opportunities? Click here to attend a FREE forex trading webinar 1) 30-Day Grind Today was the 30th straight day that the S&P 500 index failed to make a 1% move. Year-to-date ahead of this stretch the S&P moved 1% about once every 3 days, so I’m not exaggerating when I say this is the most boring market I’ve ever seen. The index finished down -0.2% at 2184, while the Russell 2000 and Nasdaq Composite did slightly better. Deere (DE) and Foot Locker (FL) both rose sharply on their strong earnings reports, while biotech and oil service names fell. 2) Fed Follies! On Wednesday, the Fed released the dovish-leaning Minutes from its July meeting. But on Thursday, Fed officials Williams and Dudley both said rate hikes are on the table in the near-term, which has traders ratcheting up their rate hike expectations once again. That sent bond and gold lower today, while regional banks (which benefit from higher rates) caught a small bid. Next week, Fed Chair Janet Yellen will speak at an annual meeting of central bankers in Jackson Hole, Wyoming, and will likely give some more clues on the Fed’s near-term trajectory. Given the Fed’s erratic nature this year, there is no telling what she’ll say, so be very careful if you’re placing bets! 3) Kurt Capra on SCTY Today on T3 Live’s Virtual Trading Floor, my colleague Kurt Capra provided the following analysis on controversial solar stock Solar City (SCTY): SolarCity (SCTY) has been showing weakness and an inability to bounce. The daily chart is set up to break down: Look for a move under the bottom of the range sometime next week. P.S. Don’t forget to sign up for our FREE forex trading webinar. Monday’s Trading Calendar US Economics (Time Zone: EDT) 08:30 Chicago Fed Nat Activity Index (Jul): prior 0.16 Global Economics 08:30 CAD Wholesale Sales m/m Earnings Before Open: None of significance After Close: NQ Mobile Inc (NQ)
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