Bigger Picture
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))
Few currencies joined the Pound in probing under Thursday night’s lows, but the Euro’s behavior was typical among other currencies for probing under Friday’s intraday lows. Stopping optimistically short of probing fresh lows — while closing lower to confirm Friday’s breakout — keeps alive the downside momentum.
Gold Aug Contract (GC, ETF: (GLD))
Gapping up Monday to retest Friday’s 1336.00 post-open high reacted down to the 1322.40 pullback limit, which must hold as support to maintain near-term potential for retesting Thursday night’s 1362.60 high.
Silver Jul Contract (SI, ETF: (SLV))
Firming Sunday night up to 17.94 didn’t prevent dipping to test the 17.75 pullback limit that keeps alive a retest of Friday’s 18.37 pre-open high up to 18.80.
30-year Treasury Sep Contract (US, ETF: (TLT))
Gapping up sharply Monday to 173-00 immediately recovered well above the rally’s original 171-24 target that had held its test Friday, and well on its way to retest Friday’s 173-25 pre-open high.
Crude Oil Aug Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Gapping down Monday and closing under Friday’s breakout session confirmed that at least a third eventual lower close is required. The 48.75 sell signal already targets 45.00-45.40 which is now within 50 cents.
Natural Gas Aug Contract (NG, ETF: (UNG, UNL))
Gapping up slightly Monday didn’t extend much, the pattern still requiring an eventual third higher close above 2.78, but not precluding a detour down to 2.47-2.51 first..
Look ahead: Economic Calendar – for Tue Jun 28, 2016
A midday look ahead in preparation for economic reports and events scheduled for the next trading day.
Highlights: While Tuesday’s GDP is high-profile, it has a poor track record for influencing price action. Many econ reports probably won’t be influential in this environment.
GDP
8:30 AM ET
Corporate Profits
8:30 AM ET
Redbook
8:55 AM ET
S&P Case-Shiller HPI
9:00 AM ET
*Consumer Confidence
10:00 AM ET
Richmond Fed Manufacturing Index
10:00 AM ET
State Street Investor Confidence Index
10:00 AM ET
4-Week Bill Auction
11:30 AM ET
Sunday night’s chaRTroom link
Globex re-opens at 6:00pm ET, and it should be fun. That was already likely after Friday’s session. But weekend developments offer potential for another “hope springs eternal” bounce.
A petition to re-vote is gathering steam, supported by multiple Groucho Marxes, Seymour Butts and Mickey Mouses. Veto powers by Scotland and Ireland are being researched (by U.S. Republican delegates, too). Yet, many other countries are clearly heading to their own EUxit votes, too. Weekend elections in Spain are also skewing the playing field. Another fun week lies ahead!
See you there tonight… CLICK HERE TO ENTER
Saturday Review’s recording (for 6/25/16) …
Every bit of “unfinished business above” had been neutralized before Thursday’s Brexit vote results began pouring in. “Bad news,” no more buying pressure, and the weekend’s impending illiquidity, all combined into a perfect storm that took the market from one end of the range to the other. Closing any lower Monday would confirm a much deeper drop underway. Otherwise, there is potential for another bounce.
This week’s Saturday Review defines those possible resolutions, and their paths. With great questions from attendees. Then we reviewed many stocks of interest to subscribers.
The following stock requests were reviewed in this order:
PCLN, NFLX, PODD, FNMA, BAC, UBS, NUGT, SYMC, Silver, GDX, BIDU, CVS, GOOG, SODA, LMNX, LOCO, RTRX
06/25/2016 09:29:58 Mark Glezer: gm
06/25/2016 09:30:20 David B: good morning
06/25/2016 09:31:11 Rod David: CHARTS WILL DISAPPEAR MOMENTARILY WHILE I START THE RECORDER
06/25/2016 09:32:23 charlie: hi0
06/25/2016 09:47:34 Mark Glezer: Fri volume seemed very low on ES, does it mean that big money are massively short & in no hurry to cover having much lower targets in mind?
06/25/2016 10:01:58 Mark Glezer: is a preference for a bounce that 1993.50 is retested intraday, not overnight?
06/25/2016 10:04:20 Mark Glezer: yes
06/25/2016 10:13:51 Josey: If this turns out to be the Mother of all reversals, is the line in the sand 1980 es?
06/25/2016 10:22:28 David B: what would tell us we are heading toward a close above 2090?
06/25/2016 10:22:44 ljr: stock: PCLN NFLX BIDU plz
06/25/2016 10:23:16 David B: and would that mean we are heading toward new highs again
06/25/2016 10:23:45 sm: Wed is also CCAR
06/25/2016 10:26:17 Mark Glezer: do you think gapping down too much on Mon will be a buying opportunity?
06/25/2016 10:26:30 sm: Comprehensive Capital Analysis and Review
06/25/2016 10:26:50 David B: i said last week that market did not seem to discount to what happened oon fri do you agree?
06/25/2016 10:27:21 David B: yes
06/25/2016 10:28:35 David B: you think the vote will be the other way we would of had a sell n the news?
06/25/2016 10:30:50 Mark Glezer: interesting that Janet warned of devastating consecuences of Brexit but they still bought it blindly going into it
06/25/2016 10:31:53 Josey: PODD, FNMA
06/25/2016 10:32:04 Mark Glezer: BAC
06/25/2016 10:32:42 Mark Glezer: UBS
06/25/2016 10:33:27 Mark Glezer: CVS
06/25/2016 10:34:12 Doran from Kalamazoo: NUGT, SYMC
06/25/2016 10:55:04 ljr: GOOGL/Goog. and SODA if u have time thx
06/25/2016 11:01:02 Doran from Kalamazoo: lmnx, loco
06/25/2016 11:07:46 Doran from Kalamazoo: rtrx
06/25/2016 11:12:05 ljr: thx for all. I’ll watch the recording later. bye
06/25/2016 11:14:42 Doran from Kalamazoo: long
06/25/2016 11:17:36 Josey: Ty, Rod . great week last :)
06/25/2016 11:17:42 Mark Glezer: did I miss CVS?
06/25/2016 11:17:53 charlie: tks
06/25/2016 11:18:17 Mark Glezer: thx
06/25/2016 11:18:29 Mark Glezer: thx much
06/25/2016 11:19:10 Doran from Kalamazoo: thx
06/25/2016 11:19:13 sm: thx
06/25/2016 11:19:32 Rod David: CHARTS WILL DISAPPEAR MOMENTARILY WHILE I STOP THE RECORDER
Saturday Review Link
Fun week! 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!