Stocks...
VISA
Mastercard
Capitol One…needs to hold the 58 level.
American Express…this could be the value trade vs. the other credit card issuers
since it’s already had a big sell off on earnings into multi year fib support.
Bonds...
30 Yr…..158.09 is support and the downside pivot.
Bunds…caution back below 161.55. Below they’ll run out the weak longs.
Daily momentum ( initial support) is 160.78.
FX…
Commodities…
Gold…1118 is the 50% retrace for the past 2 qtrs. For now the market is respecting the level, backing off the first time up.
Gold continues to be bought against the Continental currencies.
GOLD/EURUSD cash
General Comments or Valuable Insight.
I’m starting to field those calls from concerned single family home developers.
“Am i screwed again like I was in 2008? I can’t sell anything.”
The ball is in Yellen’s court tomorrow.
I decided to take a look at the credit card issuers since this is where stress would likely rear it’s ugly head for the have nots.
The credit card issuers have been beaten up, some more than others.
You can do your fundamental homework on these names to see if anything makes sense.
If we start another leg down in the Equity Indices, credit card defaults will rise.