The early bias is negative again. They opened them higher but is being met by selling. Until the bulls prove they still have buying power, I have to error on the side of negativity intraday.
There are a couple other reports that will hit these markets and could be movers today so be aware that an hour after the opening you have the weekly oil stocks. Oil is hovering around $59 again this morning. Also, the Fed Beige book is release at 2pm EST and reports on the economics of the country. With the real focus now on whether growth continues or abates, that will be scrutinized as well.
On the earnings front, the big names left this week are DOW and XOM tomorrow morning. Three are three weeks of earnings where the market is flooded with earnings news. Next week is the third of the three. So far they have not sold the news as we thought they might. The Fed has been forgotten though they come back into focus on August 9th.
There are a couple other reports that will hit these markets and could be movers today so be aware that an hour after the opening you have the weekly oil stocks. Oil is hovering around $59 again this morning. Also, the Fed Beige book is release at 2pm EST and reports on the economics of the country. With the real focus now on whether growth continues or abates, that will be scrutinized as well.
On the earnings front, the big names left this week are DOW and XOM tomorrow morning. Three are three weeks of earnings where the market is flooded with earnings news. Next week is the third of the three. So far they have not sold the news as we thought they might. The Fed has been forgotten though they come back into focus on August 9th.
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