Good morning. Futures are a little lower, sp -5pts, we're set to open at 2109. Metals are weak, Gold -$3, with Silver -0.4%. Oil is -0.2%, ahead of the latest EIA report.
*awaiting Q1 GDP data
We have an interesting day ahead.... not least with the Oil report at 10.30am.. and the FOMC at 2pm.
notable weakness: TWTR -2.6% in the low $41s. A daily close <$40 would be a real problem, and open up 'some weeks' in the mid/low $30s.
Casinos, WYNN -10%... lousy earnings.... MGM and LVS are following, -4%
Lumber liquidators -16% in the $27s. Did they not fix the toxic floors yet?
strength: GPRO +12% in the $51s... post earnings.. although it is notable that the stock was initially -5%.
Have a good day!
8.31am GDP: 0.2%..... vs 1.0% expected....
Lousy number... no question about it.
USD remains weak, -0.4% in the 95s. Already close to first target zone.
Equity indexes cooling a touch on the news.. sp -7pts.. 2107.
... now its a case of what the FOMC statement is.... I'm guessing the market will manage to still broadly climb.
8.42am.. USD still rapidly cooling, -0.6% in the DXY 95.40s. We're now a ful 5% lower from 7 weeks ago.
At this rate.. we'll be back to the breakout zone of 90/89 by mid June. If that is the case, I'll be going long UUP for a hyper-wave ramp to the 120s.
We've not forgotten about Greece, or the other EU PIIGS have we?
9.04am.. watching clown finance TV.... Cramer looking a bit bashed up after his beloved TWTR is smacked lower by 20%...
Re: TWTR early release of results '... this was trolling.... it was a glitch in the system... its not Twitters fault'
-- comedy gold.
9.11am.. Indexes are snapping lower , sp -13pts... back to 2101. If yesterdays low of 2094 is taken out... then things will get interesting.
In any case... the market is awaiting the FOMC.. although that won't see any actual changes... will it ?
9.16am.. TWTR -3.7% in the low $40s.... is it time that Cramer is put on suicide watch yet? Ironically, he was even making a TWTR joke just now.. and then kinda back tracked with a 'too early?'
The underlying issue.. as with all things... one of 'fair value'.... and before items.. TWTR actually saw a Q1 loss of 25 cents.. rather than the 7 cents headline number.
9.37am.. sp -6pts... which is a pretty lame open for the bears.