Stocks...
Spu’s…Battle lines have been drawn. 1851 …1913.50 on top is initial resistance.
Today’s sell stops are @ 1865.
AMZN…is trading in pre market @ 602, yesterday’s opening range.
With earnings after the close, I would imagine that investors will be buying upside lottery tickets.
GOOGL...is trading in pre market @ 740, just shy of momentum resistance @ 743.
Visa…failed at the 200 DMA.
Capital One…per Tuesday, COF had oversold rally just shy of 10% off 58.
When you see a big standard deviation move you must tighten up your trailing stops to protect the gains.
This will be a major theme for the rest of the year.
Amex went nowhere and Visa weakened.
COF could still retrace to 60.50. Price action below 60.50 would indicate the down is not over.
Bonds..
Bunds…caution back below 161.55.
30 yr. …159.13 is daily momentum. Below there is room for the 30 to move in 1 point increments with a risk on board. Low risk buying is 157.05.
FX…
Commodities…
Gold…Gold Euro was sitting right on it’s 200 DMA when the pit Gold closed yesterday basically lining up with the hourly support in Gold @ 1116.
The spread needs to hold for another rally in Gold.
Much below 1115 would lead to some profit taking.
General Comments or Valuable Insight.
Can FB,AMZN & MSFT save the board?These three names have been in their own world for the past 6 months.
Europe Indices are losing traction and I’m surprised the U.S. Indices are not a lot higher given where FB,AMZN & GOOGL are.
I’m sure you’re going to see statements form Fed governors all day saying the markets don’t get it.
We’re coming into month end and the flow is down.
No matter where the Indices close today it’s a risky short going into AMZN & MSFT earnings after the close.