ECONOMIC EVENTS & NEWS
Stocks were down amid weakness in Materials, Energy and Crude Oil. July CPI below expectations. FOMC comes off as dovish, and the Dollar slides in response.
Google up 0.7% on relative strength. Utilities lead the sectors for the Bulls. Energy lead for the bears.
S&P 500 stuck in a long-term range. Stocks have been flat for most of 2015.
Fedwatch link for rate hike predictions= Sept. 55%
Option volatility VIX spikes to 15.66.
This week to watch on economic calendar:
Thursday = Jobless claims and the Philly Fed Business Outlook.
Friday – PMI Manufacturing
VIX – 15.66
SECTORS – trend on daily chart (click symbol for chart)
Materials (XLB) – Bear
Energy (XLE) – Bear
Financials (XLF) – Bear
Industrials (XLI) – Bear
Technology (XLK) – Bear
Staples (XLP) – Bull
Utilities (XLU) – Bull
Healthcare (XLV) – Bear
Discretionary (XLY) – Bear
Mining (XME) – Bear
Real Estate (IYR) – Bull
Retail (RTH) – Neutral
Transports (IYT) – Neutral
UUP – USD weighted ETF – Bearish
COACHES TRADING THOUGHTS
Bearish action in Stocks, Commodities, and Currency today. Not a lot of carry through after the initial selling. Watch for the range to hold and support to play a role on the neutral sectors and Indices soon. A break on the S&P500 would be a strong sell signal on stock prices in general. Oil was a major player today, selling sharply. Gold continues to be a short term safety net and rallied on the news.
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