Stock futures are seeing a little bit of a bounce following yesterday’s massive sell-off. The market last week put the finishing touches on its worst month since May 2012, and the downtrend continued on the first trading day of the new month yesterday. The benchmark S&P 500 Index (SPX) is now down 5.8% from its all-time highs reached about three weeks ago. The CBOE Volatility Index (VIX) spiked 16.4% and is now firmly above the $20 level at $21.44. Investors have quickly reversed their ‘buy the dip’ mentality and are now selling any uptick in equities. Numerous technical levels were broken yesterday so stocks could see some more pain to the downside this week. A key support level will now be the $1707 level in the SPX, which is the 200-day moving average. Once again the market rides the slow escalator up and the elevator down as bullish sentiment has quickly disipated .
Treasuries are off this morning in conjunction with the equity rally. Bonds shot higher yesterday on the huge ‘risk-off’ trade and the 10-year Treasury yield settled under 2.6% for the first time since late October. European markets were lower and Japan’s Nikkei plunged another 4.2%. Japan is now in Bear-Market territory but it did rally 57% in 2013. China’s markets are still closed for their New Year so it will be interesting to see their reaction to the global sell-off. The market will be looking to reverse the downside trend today but will have little help from economic data, as the main reports scheduled to be released are ISM New York data and factory orders for the month of December.
Stock Stories:
Michael Kors (KORS) –Low-end luxury booms – The luxury-goods maker reports positive quarterly results this morning. The company beat on the top-line revenue by over $100M and on EPS by $0.25. The shares are up 20% ahead of the opening bell.
Major Economic Reports:
6:45 am CT – GS Store Sales – up 0.3% for the week
7:30 am CT – Fed’s Lacker Speaks
9:00 am CT – Factory Orders
11:30 am CT – Fed’s Evans Speaks
Notable Earnings:
Before Market: ADM, ARMH, AXE, BP, BSX, CLX, CME, CNC, EMR, ETN, IP, KORS, LG, SIRI, UBS, VSH
After Market: AEC, BWLD, CHRW, EXP, GILD, UNM
Wednesday – 2/5: ADP, AKAM, CTSH, DIS, GMCR, HUM, MRK, MRO, P, RL, TWTR, TWX |
发表于 2014-2-4 09:44
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发表于 2014-2-4 09:49
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