Economic Outlook, plus continuation of earnings, shows a busy week ahead. Bank of America (NYSE: BAC) kicking this week off for earnings, releasing their report in the premarket. Also, Sears (NASDAQ: SHLD) filing for bankruptcy should draw some attention of many traders and investors today.
We’re still seeing strong volatility in the overall market, with Nasdaq and S&P 500 futures both having more than a 0.80% drop since the open of today’s futures session. However, both have retraced that bearish start, almost returning to their open as of 07:50 EST.
Premarket volume check showing a strong start to the week with CLX18 and GCZ18 both surpassing the 100K volume mark. NQZ18 only 3K away from the 100K volume mark in a strong short-term bull run. Looking at a daily chart, Crude Oil (CLX18) in a key location that could technically bounce in the 70.80 area. So far CL and 6E trading sideways while GC is trending bullish.
It will be interesting to see what the first major earnings from banks do for this week’s extreme volatility. The pulse of the trading community is hoping for things to calm down a bit and return to “normal”. Many traders are frantically searching for bottoms, but wiser traders are warning to just plan and be read to react to what the market brings. We can make whatever assumptions we want, but we will never be able to consistently predict what the market will do at the right time without a ton of luck.
Coming into the premarket, Nasdaq futures climbed above yesterday’s high, up 1.50% as of 07:20 EST. Crude Oil also trading bullish since the open of the futures session. Headlines giving credit of higher prices to oversupply fears. Gold and Euro futures neutral so far.
Volume check showing another premarket of strength across the board with NQZ18, CLX18, and GCZ18 all above 100K of volume.
Nothing significant scheduled on the economic calendar today.