Bigger Picture
Overnight chaRTroom link
Turkey’s “coup” after Friday’s close has been followed by several more events over the weekend. And they’re all likely to stir-up sentiment. Overnight Globex action will be interesting, if not also telling — especially in the first opportunity to reject or to confirm Friday’s post-close plunge. The chaRTroom will open at 6:00 AM ET.
Saturday Review’s recording (for 7/16/16) …
Did Turkey’s failed coup attempt affect the bigger picture, let alone the bullish WedEX that seemed influential Friday afternoon? What are the week’s likely scenarios and paths? We address these and other questions during this week’s Saturday Review, while reviewing the many technical and chart setups that repeat often in the market.
The following stock requests were reviewed in this order:
GDX, GDXJ, AMZN, VZ, PM, RAI, HLF, STZ, VRX, X, FCX, RARE
07/16/2016 09:30:13 G: good morning
07/16/2016 09:30:59 David B: good morning
07/16/2016 09:58:35 David B: do you think earnings have already been discounted in the market?
07/16/2016 10:02:16 David B: so this rally has been anticipation of these earnings?
07/16/2016 10:02:38 Mark Glezer: FOMC is not until the following week, has to be another even that triggers a big move if it happens ?
07/16/2016 10:02:47 Mark Glezer: event
07/16/2016 10:03:53 David B: what will tell us that distribution is starting. what it be a certain closing level?
07/16/2016 10:05:33 David B: will it be a certain closing level
07/16/2016 10:07:59 David B: is there a level closed above that would confirm a bull market?
07/16/2016 10:09:05 David B: not strong hands driving this?
07/16/2016 10:09:14 David B: ok
07/16/2016 10:13:08 David B: AMZN,VZ
07/16/2016 10:13:14 Josey: PM, RAI
07/16/2016 10:15:15 ljr: HLF STZ short
07/16/2016 10:15:59 ljr: RARE long plz
07/16/2016 10:16:08 ljr: I’ll watch recording
07/16/2016 10:21:27 Mark Glezer: VRX – a lot of talks about it going to zero
07/16/2016 10:26:22 Josey: Yes
07/16/2016 10:26:41 William: Sterling : need to print a new low before rebounding more strongly ?
07/16/2016 10:28:58 David B: X,FCX
07/16/2016 10:45:00 Mark Glezer: thx much
07/16/2016 11:02:32 William: perfect as always, thanks
07/16/2016 11:02:36 Josey: Thank you!
07/16/2016 11:02:47 David B: thanks
Saturday Review Link
This week’s bullish WedEX accompanied an afternoon uptrend Friday from 2149.00 to 2157.00. This greatly increases the potential for trending up aggressively Monday morning. But it doesn’t have any bearing beyond regular trading hours. So, the influence couldn’t prevent a post-close plunge to 2143.25 on news of Turkey’s coup.
We have much to discuss.
Be sure to join us by 9:30am ET for this weekend’s Saturday Review. After discussing the bigger picture and gaming out strategies for playing next week’s likelier opening setups, we’ll do instant analysis of any stock charts that you request… See you there!
Daily Spot…
A daily summary of high-profile members of several complexes… View a more detailed discussion of each chart at the end of today’s Market Wrap.
Eurodollar Sep Contract (EC, ETF: (FXE, UUP))
Friday’s weaker open broke under recent uptrending support and need only accelerate its decline a little to confirm momentum is reversing down to retest the post-Brexit 1.0945 low.
Gold Aug Contract (GC, ETF: (GLD))
Thursday’s attack on the 1333.00 target reacted back down overnight to retest Wednesday’s lows in the 1322.00 area Friday morning. There is no unfinished business below if a recovery is ready.
Silver Jul Contract (SI, ETF: (SLV))
The 20.05 pullback limit was retested Friday morning. Its reaction up was even more muted than was Thursday’s limited reaction. That is still likelier pessimism than optimism, which would be more bullish from a contrarian perspective.
30-year Treasury Sep Contract (US, ETF: (TLT))
The 171-16/172-08 target area was probed Friday as support, and closing under it could prevent one more test of the recent topping area to complete it.
Crude Oil Aug Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Firming further Friday tested the 46.00 bounce limit to keep alive this leg’s attraction down to 43.00.
Natural Gas Sep Contract (NG, ETF: (UNG, UNL))
Slightly lower lows at 2.67 was deep enough to stretch the rubber band tightly enough for a snap back up. Probing positive territory stopped a couple of pennies short of the minimum 2.80 target.
Look ahead: Economic Calendar – for Mon Jul 18, 2016
A midday look ahead in preparation for economic reports and events scheduled for the next trading day.
Highlights: Monday’s housing sector report might get a price reaction, especially if surprising, if not for being the session’s only report.
Housing Market Index
10:00 AM ET
3-Month Bill Auction
11:30 AM ET
6-Month Bill Auction
11:30 AM ET
Treasury International Capital
4:00 PM ET