Emerging Money Daily Audio Call July 28 - Yesterday's vol spike reminds us of June 9 which doesn't mean it should be treated as innocuous if the assumption is that markets will just shrug this off as noise. 

Central Banks lurk...  US macro out(GDP, UoM Confidence) today doesn't change the conversation for the Fed into September.

Crude draws have helped to create yet another buying trading range...now +17% off the lows.  Are we getting near time to fade as sentiment remains terrible in Energy.  This week's round of earnings haven't helped the sector either.

Have Transports been telling investors what played out yesterday in terms of market direction?  A bounce today in the IYT does not change the technical damage in what had been the most constructive sector in the SPX this year before the sell-off that began 2 weeks ago.

Have a great weekend.

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