Today's premarket seems to indicate strong bearishness today. We already took out yesterdays low, if we get a quick crack through the OVL I'd expect a flush lower. Otherwise, I think this retraces a bit back higher.
Miners...anyone still following? They are all effectively hugging their 50s. KGC is trading below it for a few days now. Market leader signaling more downward moves? Still waiting on a re-entry and surprised how well they are holding up. Yen is still oscillating around the 91 mark. I personally think the USD is still in a bear and this is only a pop but we'll see. Watching wheat price too. JO looks like it is near bottom on the trading range. The commodities will affect the overall market imo.
Gold pulling back, it looks like the charts in are in step This $22 area was support last month, see if it holds.
This market is way too easy to call the last few days. Not to mention the lack of volatility. zzzzzzzz
If this doesn't break up here eventually, there is going to be alot of pain in the markets in 2016. But usually, when you keep bumping up against a ceiling, you eventually break through.
gold miners and bonds holding up relatively well in the face of a bunch of good data and the fed beige book. we all know after a tight consolidation means a big move is coming, so which way will gold go? cant wait for the jobs report this friday. as much as the data in america is looking better, the global economy still looks the same, japan still firing off stimulus, they made gold shoot up overnight, but then it fell back into our open.
I saw ABX and friends have some further downside, they ran nicely from the lows, but these highs look pretty tough to crack here.
20/50 cross down on the thirty....psst get on the short train 94.50..89.50..82.50 are the stations...
everytime apple has dropped recently some big name announces their purchase of apple shares and it rallies back, i would be afraid to short apple just for the simple fact it is the world's favorite stock, someone will keep backing it up. that being said, if it dropped to low 80s, i would buy it lol.
gm traders! Frontrunning: June 2 Global stocks struggle as ECB and OPEC meetings loom (Reuters) Iran Resists Saudi Gesture for Unity as OPEC Fractures Reappear (BBG) Clinton to blast Trump on North Korea, NATO in foreign policy speech (Reuters) Hillary Clinton Shifts to California as Race Tightens There (WSJ) Puerto Rico’s U.S. Rescue Won’t Come Soon Enough to Halt Default (BBG) U.S. to Curb Payday Lenders (WSJ) BOJ’s Sato Is Pessimistic on Economy, Central Bank’s Strategy (BBG) PIMCO sees 'significant' chance of Brexit vote in UK (Reuters) Internet Boom Times Are Over, Says Mary Meeker’s Influential Report (BBG) Gigonomics: The Dismal Science Behind Today’s On-Demand Jobs (BBG) Labor Fears Partisan Defections Toward Donald Trump (WSJ) Alibaba Details Price for Buying Back Stock From SoftBank (BBG) Apple Plans to Raise up to $4 Billion From Bond Sales in Asia Pacific (WSJ) Use it or lose it: Occasional Ohio voters may be shut out in November (Reuters) German Farmer Left Cold by Beer With Obama Shows TTIP in Trouble (BBG) Spoiler: 6/2/16 Thursday's News Movers: JNJ, JOY, BOX, ORCL, BABA, VIAB, MCD, GIS, AAPL, COST, PSX, AZO, NVDA & more 6/2/16 Thursday's News Movers: JNJ, JOY, BOX, ORCL, BABA, VIAB, MCD, GIS, AAPL, COST, PSX, AZO, NVDA & more source: cnbc.com Check out which companies are making headlines before the bell on Thursday Johnson & Johnson — J&J is buying privately held hair care products maker Vogue International for $3.3 billion in cash. J&J said the acquisition will strengthen its position in hair care and personal care products, and it expects the deal to close during the third quarter. Box — The cloud storage company reported an adjusted loss of 18 cents per share for its latest quarter. That was 6 cents a share smaller than analysts had anticipated. Revenue was also slightly above estimates. However, the company's billings fell short of expectations, pressuring the shares. Oracle — The business software company is the target of a lawsuit by a former senior finance manager, who said she faced retaliation for questioning cloud business accounting practices which she felt were unlawful. Alibaba — Some of the Alibaba shares sold by Japan's Softbank were bought by Singapore state funds Temasek and GIC. The two funds each bought $500 million in shares at $74 per share, part of Softbank's overall $8.9 billion sale. Separately, Softbank said it would not use any of the proceeds from its sale to buy assets being put up for sale byYahoo. (Disclosure: CNBC has a content-sharing partnership with Yahoo's finance site.) McDonald's — The restaurant operator is near a deal to move its headquarters from Oak Brook, Illinois, to the former Harpo Studios campus in Chicago, according to Crain's Chicago Business. Costco — The warehouse retailer reported flat comparable store sales in May, below the consensus Thomson Reuters estimate of a 1.4 percent increase. Nvidia — Goldman Sachs initiated coverage on the graphics chipmaker with a "buy" rating, saying Nvidia was a rare example in the semiconductor industry of a growth story. Goldman cites the proliferation of graphics chips in non-traditional markets such as automotive. Spoiler: ADP Employment "Moderates" As Manufacturing Jobs Fall Again Printing a perfectly as-expected 173k rise in jobs for May, ADP Employment change offers hope for tomorrow's payrolls to give The Fed the go-ahead for a rate-hike. This is still the second lowest print since last September as manufacturing (and goods-producing) jobs fell once again. A little hope for tomorrow... But note that today's ADP report does not include the Verizon strike data which means that the 173k ADP print is likely higher than what tomorrow's payrolls print will be (by around 25-35k) As ADP notes... Payrolls for businesses with 49 or fewer employees increased by 76,000 jobs in May, down from an upwardly revised 101,000 in April. Employment at companies with 50-499 employees increased by 63,000 jobs, up from last month’s 39,000. Employment at large companies – those with 500 or more employees – increased by 34,000, up from April’s 25,000. Companies with 500-999 employees added 11,000 and companies with over 1,000 employees added 24,000 this month "Job creation appears to have slowed as we move further into 2016,” said Ahu Yildirmaz, VP and head of the ADP Research Institute. “Challenging global conditions affecting hiring at large companies and a tightening labor market for skilled workers are among the factors that may be contributing to the slowdown.” Mark Zandi, chief economist of Moody’s Analytics, said, “Job growth has moderated this spring as energy companies and manufacturers shed jobs. Retailers are also more circumspect in their hiring. Despite the recent slowdown, job growth remains strong enough to reduce underemployment.” The charts: Change in Nonfarm Private Employment Change in Total Nonfarm Private Employment Change in Total Nonfarm Private Employment by Selected Industry And the full Breakdown in handy infographic form: Spoiler: Dear "Initial Jobless Claims"-Creator, Explain This Initial jobless claims printed 267k - slightly better than expected and very slightly less than last week - which is odd because both ISM Manufacturing and ISM Service employment data suggests a very different picture indeed. Everyone knows the manufacturing industry is losing jobs... But don't worry, the Services economy is doing great and generating jobs, right?... Oh wait!! So if jobs are piss poor in the manufacturing industry based on management's perspectives and just as bad in Services, then where is the government creating all these jobs from that is keeping initial jobless claims so low? Charts: Bloomberg Spoiler: Oil Drops After OPEC Fails To Reach Oil Freeze Agreement The anticlimatic conclusion to today's OPEC meeting came earlier courtesy of Bloomberg which moments ago reported that OPEC has failed to reach a new oil supply agreement, but that it has agreed to appoint a Nigerian candidate for new OPEC secretary general. OPEC HASN'T REACHED NEW OIL SUPPLY AGREEMENT: DELEGATE OPEC AGREES TO APPOINT NIGERIAN CANDIDATE FOR SEC-GEN: DELEGATE While we would take such preliminary rumors with a grain of salt, the oil market is not happy and has dropped by 0.8%, even if it is still above the levels from yesterday when the rumors of an oil deal emerged. As noted earlier, we would not be surprised if the algos, after taking out the low stops, end up ramping WTI to new highs. this mornings most active trending pre-market discussions at this hour: (stock symbols are clickable!) DGAZ OPTT CXRX BOX CIEN CONN JOY SDS GS DERM GWRE QLIK SPXU UGAZ KITE ORCL UWTI OIL PSTG SQQQ XLNX KERX ADMP UCO today's ER: today's economic events: markets now: good trading to everyone in here on this thursday!
just taking a glance around at the markets.. Nasdaq, Dow, all seem a lot weaker technically than the S&P thats banging up against this ATH area. Maybe not the Rut in the last few months, but its coming back from an awful stary. After that hanging man yesterday, kinda feeling like urgency will start to pick up here. Either we break out today or this whole market starts to roll over again to the short side. I'm feeling the bear, because if we were gonna break out we all know it would have been a gap up situation.
we recently just had a huge move higer, i consider these past couple days just consolidation. maybe the jobs report tomorrow will signal the next big move in the spx.
man the markets have been very ho-hum of late ... what'll it take to get some direction/conviction in either direction already? i suppose nothing ... barring a black swan ... we've been literally parked in a 50-handle range for months now if we take away the first 2 months of this year, this has basically been another deja vu H1 2015 all over again .... zzzzzz's
