Will the markets extend their losing streak to 7 straight sessions? That is the question that will get answered today by the time the closing bell sounds. Likely having a say in determining that answer is the regularly scheduled update on weekly jobless claims. This is likely a big number traders will be focused on, especially after the brutally weak jobs data last week. In addition we’ll get a report on wholesale inventories and the trade balance for April.
All eyes will be on the 1,275 level for SPX (s&p500), this level coincides with the market’s lows from the middle east drama that ensued in late January. Should 1,275 not hold, the most likely destination from there is 1,250, which coincides with the market’s lows for the year. Although we’re not optimistic about avoiding a date with 1,250, we do think the markets are do for a bounce today given the fact they’re down 6 days in a row. However, at this point, nothing will surprise us.
We’ve got our eyes on RYUN for further continuation, as well as BSPMF after the stock saw some above average accumulation Wednesday. Other stocks on our watch list are ESL, ENTG, LAD, VVTV, SNOFF, LULU, TRYF, SPCK, BORK, JAMN, INVA, ALXA, KV.A, WEST, INHX, NUVM, GTGP BRCD & CCME.
There’s no shortage of earnings reports today as J.M. Smucker (SJM), Vail Resorts (MTN), Hoku Corp. (HOKU), National Semiconductor (NSM), and SeaChange International (SEAC) are all slated to report.
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