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Bulls Out Of The Barn
Wednesday brought the markets a nice intermediate term bear rally. What does that mean? It means we were long overdue for a nice big rally and it came today. We are still in a downtrend and this is only one day. With many more needed to dig out of the darkness we are in. Having said that WHAT A DAY the bulls had! Volume was good but did not outpace yesterday’s leaving this as nothing more than a bounce. Banks put in the best single day up move in the history of the BKX. Brokers the best day since January 2001, telling us it was a rally led by financials and we can thank Wells Fargo (WFC) for that little gift. WFC happens to be the 2nd largest mortgage house in the USA so hearing the news they delivered was good news to the bulls. No doubt pushed many shorts in financial to cover shorts and let the dust settle and helped to push that sector up huge. Gold fell $15.40 on the day to close at $963.30 and oil is down $4.26 at $134.48 to give the market more relief.
Into Thursday we have early data and it can be a market mover. We will also hear form JPM and MER, both will be key to this financial’s move. If they can spark some good news anywhere we can look for this move to continue for another day and even into Friday. BUT we need to see the news and it has to be good and guidance will be key as well. The VIX dropped steadily all day to support this move up and market breadth was definitely hot and heavy by days end. Slow start but we did kick in gear. EBAY after the bell came in strong and good guidance, but the market sent them lower because it wasn’t good enough. We will be watching news carefully in the pre market and look for the market to pullback early and then try to continue this upside move. This will take care of the financial side of things and after the bell Thursday we’ll start to see some tech report and get the Nasdaq excited. Even with this move up today, it really just put us back in last week range. So plenty of headwinds still!
Economic data for the week (underlined means more likely to be a mkt mover): Thursday 8:30 Building Permits, 8:30 Housing Starts, 8:30 Initial Claims, 9:10 FOMC Member Kroszner Speaks, 10:00 Philadelphi Fed, Friday nothing due out
Some earnings for the week (keep in mind companies can change last minute): Thursday pre market AOS, BK, CIT, KO, CY, F, HOG, IGT, JPM, NOK, NVS, NUE, PPG, RS, SCHL, SPWR, AMTD, TXT, UTX, WSO and after the bell AMD, COF, ESLR, GILD, GOOG, IBM, MER, MSFT, NVEC, PMCS, SOV, SYK, ZION. Friday pre market C, HON, SLB and after the bell BMI.
ES (S&P 500 e-mini) Thursday’s pivot 1232.50, weekly pivot 1248. Intraday support: 1239, 1234.50, 1232.50, 1228.25, 1224, 1218.25, 1214.25, 1211.50. Resistance: 1239.75, 1243.25, 1245, 1246.25, 1249, 1256, 1262, 1266.50, 1278.75.
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