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Morning Thoughts July 2

  • Financials rallied aggressively into the close on Friday. XLF and BKX breaking above their 50dmas. BAC & MS +5%, however interestingly JPM -42bp on the day.

 

  • Builders continued to outperform. S15HOME made another new 4yr high. KBH +13% squeezed higher after strong #s (and very low expectations).

 

  • Within Tech, Semis outperformed behind strength in AMD & TXN +5-7%. Software well bid with RHT, ADSK, ORCL +5-7%. TIBX +11% & A.CN +6% on strong earnings. However, RIMM -19% on earnings and delay of Blackberry10.
  • This week: * Monday: ISM Mfg * Tuesday: Factory Orders, Vehicle Sales, 1pm US Close * Wednesday: US Markets Closed * Thursday: Jobless Claims, ECB Mtg * Friday: NFP & Unemployment Rate
  • After Friday’s big rally an inside consolidation day might be in order today
  • I don’t expect a big selloff today, charts look good;  SPX especially looks to have next upside target near 1386 and I may be interested in some SPY long bucket 2 sometime today
  • Please watch the morning video to see the details of the charts described

 

 

 

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