Stock Traders Seek Interest Rate Clues From Fed Minutes

Crude oil futures rose on Wednesday as hopes for an agreement among exporters to freeze output underpinned the market, although persistent global oversupply and Iran’s plans to boost production put a cap on gains.

Oil futures recovered from one-month lows to end the previous session up after Kuwait said there were “positive indications an agreement will be reached” on output during a producer meeting scheduled for April 17 in Qatar.

U.S. crude futures CLc1 rose more than a dollar, or 3 percent, to trade at $37 per barrel at 1115 GMT (7.15 a.m. ET). International benchmark Brent futures LCOc1 rose as much as 90 cents to trade at $38.77 a barrel.

“Oil (futures) gained some momentum. The comment by the Kuwait OPEC governor provided some support to prices,” ANZ bank said, but warned that investors would likely remain cautious ahead of the April 17 meeting.

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Pete’s  Day Trading Notes:

  • $SPY has key moving average support just below yesterday’s close. Will it hold?
  • Pharmaceutial stocks in play.

Dollar and shares lick wounds ahead of Fed minutes

The dollar edged up from a 17-month low against the yen on Wednesday and buffeted European share prices latched on to a rebound in oil to move off their lowest level in over a month.

Asian trading had been subdued and the mood persisted in Europe as share prices .FTEU3 struggled to build on some early momentum provided by oil’s biggest rise in three weeks and takeover talk in the pharmaceuticals sector.

Attention was also turning to the release later of the minutes from last month’s U.S. Federal Reserve monetary policy meeting to look for any clues on how many interest rate hikes might be expected this year, following some mixed signals from some of its officials in recent weeks.

The dollar nudged off lows in Europe having been knocked back again overnight by comments from Japanese Prime Minister Shinzo Abe that countries should avoid trying to weaken currencies with “arbitrary intervention.”

The yen remained in bullish form, down less than 0.1 percent against the dollar at 110.43 yen JPY=, still within striking distance of 109.92, its lowest level since October 2014.

“I think the market is trying to find an equilibrium here,” said National Australia Bank FX strategist Gavin Friend.

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Stock Market Today: Map of the S&P 500

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$SPY Heat Map 4-6-16

$SPY Heat Map 4-6-16

Stock Traders Seek Interest Rate Clues From Fed Minutes 4-6-16

Stocks Lose Ground As Europe Falls

Stocks tumbled Tuesday, following European issues lower.

The Nasdaq and the S&P 500 dropped 1%; the Dow Jones industrial average gave up 0.8%. Volume on the NYSE was higher than Monday, but lighter on the Nasdaq exchange, according to preliminary data in the stock market today.

The German DAX index lost 2.6%, the London FTSE dropped 1.2%, and the Paris CAC 40 was down 2.2%.

Some of the advancing stocks were making partial recoveries after big sell-offs on Monday. Smith & Wesson (SWHC) rose nearly 4% in above-average volume, which was dwarfed by the 18% meltdown Monday on word that gun sales were flagging.

Alaska Air (ALK) took off for a nearly 2% gain, taking back part of the 4% loss the day before on the announcement that it’s buying Virgin America (VA).

Among IBD 50 stocks, 11 gained and 39 declined. The biggest loser was Oriental Education (EDU), down nearly 4%. Asian stocks were generally weaker, even though the Shanghai Composite rose 1.46% overnight.

LendingTree (TREE), another IBD 50 name, sank 3%, giving back part of Monday’s gain on kind words from an analyst.

Acuity Brands (AYI) moved near a 225.28 buy point from a cup-with-handle base in above-average volume. It reports earnings before the open on Wednesday. Analysts expect EPS of $1.51, a 40% increase from a year earlier.

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Chart Reading the SPY ETF

$SPY buyers face a test of grit today. Yesterday was the first gap lower that closed below the open since early February.

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spy map 416

Technical Analysis | Charts of Interest

$HD on

The Perfect Storm for Home Improvement Leaders

When housing prices are on the march higher, it is sometimes difficult for homeowners and some first-time buyers to find something affordable. Many also choose just to stay put and make some changes to the home they now own. These folks likely make up the 28% of U.S. homeowners who plan to remodel, expand or somehow improve their houses this year.

This is undeniable good news for home improvement stalwarts Home Depot Inc. (NYSE: HD) and Lowe’s Companies Inc. (NYSE: LOW). Both reported earnings beats in their most recent quarter, and the current quarter is among their best of the year.

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$HD 4-6-16

Stocks to Trade 4-6-16

Short-Term Trading Momentum:

Positive the last 20 and 5 trading days | closed 2% higher from the open: SCTY, TSLA, PXD, GILD, HES, SLCA, DVN, RAX

Negative last 20 and 5 trading days | closed 2% lower from the open: agn, fslr, akrx, endp, bhi, wdc, xon, rrc, wrk, vrx

Quarterly Order Flow:


Bearish Stocks to Trade: agn, end, bhi, wdc, xon, cf, pnc, mck, car, esrx, lb, oxy, fl, expe, mar, de, vrx

2x Normal Volume: VRX, AGN, CAM, BHI, WBA, D, SHPG, FSLR, EW

Inside days: fb, nflx, nke, jnpr, wfm, rh, mo, pep, pm, acad, hfc, ions, mbly

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