Long 10 YM @17894 for the overnight magic show....watch how magic is performed in the financial sector.
There has been a big offer on the ES 2094.75 all night. It hasn't lifted in spite of an Iran deal and JPM beating by .10c. Hopefully, we break thru later on this morning open and not look back. We only have the 50 cent bankruptcy hanging over the markets.
GREAT job on those retail numbers hahaha, maybe consumers are finally getting smart and putting some money away for a rainy day, I mean how many new pairs of shoes and how many upgrades on that $800 cell phone can you possibly need... I also love how every time there is a hint of a weak economic number the first thing they mention is how the fed may possibly hold off on any rate hikes towards the end of 2015. TOO funny..... Markets jarred by surprisingly weak retail sales 26 Mins AgoReuters U.S. retail sales unexpectedly fell in June as households cut back on purchases of automobiles and a range of other goods, which could raise concerns the economy was slowing again. Stocks extended losses in premarket trading and Treasury yields dropped on the news. The dollar added to losses against the euro and the yen. The Commerce Department said on Tuesday retail sales slipped 0.3 percent last month, the weakest reading since February. May's retail sales were revised down to show them rising 1.0 percent instead of the previously reported 1.2 percent jump. Economists polled by Reuters had forecast retail sales rising 0.2 percent last month. Retail sales excluding automobiles, gasoline, building materials and food services dipped 0.1 percent after an unrevised 0.7 percent increase in May. These so-called core retail sales correspond most closely with the consumer spending component of gross domestic product. Coming on the heels of June's disappointing employment report and sharp drop in small business confidence, the weak retail sales data suggests the economy might have lost some momentum at the end of the second quarter, having struggled at the start of the year. The soft data could cast doubts on a possible September interest rate hike from the Federal Reserve. Economists had forecast core retail sales rising 0.4 percent. Sales last month were broadly weak, with receipts at auto dealerships falling 1.1 percent after rising 1.8 percent in May. Clothing stores sales dropped 1.5 percent, the largest decline since September 2014. Receipts at building material and garden equipment stores fell 1.3 percent and sales at furniture stores declined 1.6 percent, the biggest drop since January last year. There were also declines in sales at online stores and at restaurants and bars. Rising gasoline prices supported sales at service stations, where receipts rose 0.8 percent. Sales at electronics and appliance stores rose 1.0 percent, the biggest rise since September. "The immediate reaction in Treasurys – a rally – seems appropriate however we aren't sure the drop in sales changes the larger narrative from the Federal Reserve's standpoint," Dan Greenhaus, chief strategist at BTIG, said in a statement. "The consumer isn't very strong and by extension, neither is the U.S. economy. Today's report doesn't alterthat view in any respect." —CNBC contributed to this report.
The thicket of offers around the evening resistance is gone. Not a volatile open at all. Putting on a 3 pt trailing stop to see what I can get for the morning.
You know how the game is played...WEAK RETAIL SALES=FED WONT RAISE RATES.... The Federal Reserve will seek any excuse it can find to keep from raising rates. Unemployment may be 4.5%....they will say, retail sales is weak blah blah blah, they will always find excuses.
Probably waiting for the ES to hit the upper resistance before they drop the hammer. You know FED people are chartists.
The way this works during the summer is. You basically need to be in the market to capture any gains. You just have to sit and wait. The squirts happen quickly, then it trades sideways for hours and hours.