8/30/2010 premarket | Bulls on Wall Street

8/30/2010 premarket

 
 
 
Morning folks. futures off to a shaky start this morning gapping down slightly S&P and DOW both gapping down about .3%.  This type of light pullback is to be expected after a big run on Friday the redflag of it is that the market last night was gapping up .5% which means we have had a decent reversal. So the opening action will be important..if we get an orderly pullback this might be a decent dip buying opportunity as we dont have any major data reports out today and the earnings calender is pretty light.  Crude Oil is down about .5% so keep an eye on that. Ideally a run back to 80/barrell is good for the market.
 
Bank of Japan has started some new monetary measures. Keep an eye on $fxy weakness in it has been a good tell for intraday market bounces the last few months. Lets see if this  keeps up after this new round of policy.
 
Bonds will be important too.  We finally had a huge down day in $tlt.  Continued strength in treasuries will not be good for market so have that and FXY on ur watchlists. Learn how they interplay and effect the market.
 
 
Keen an eye on the biotechs today. $genz has gotten a 18 billion dollar buyout offer. This could start a sector run.
 
 

Leave a Comment