Follow-through from yesterday’s North American selloff continued through Asia Pacific trading overnight, but then petered out. Just as bulls were unable to capitalize on Monday’s rally, bears have been unable to keep yesterday’s selloff going with European indices trading slightly higher and US indices trading slightly lower this morning.
This indicates a market in balance where neither side is able to assert control for very long, creating opportunities for shorter-term swing trading.
There hasn’t been much in the way of economic news overnight to really drive action in either direction, strong US housing starts reflects pent up demand from the winter kicking into gear, but strong building permits indicates ongoing strength in the real estate market stateside. JC Penney could attract attention today following a surprisingly strong increase in same store sales.
Currencies have been relatively steady today with the main story being a rebound in GBP against other majors bouncing back from a correction earlier in the week. Gold continues to drift downward within the lower half of an established trading channel.
Corporate News
JC Penney ($1.12) vs street ($1.22), same store sales up 6.2% vs street 4.2%, overall sales $2.8B vs street $2.7B
Economic News
Economic reports released overnight and this morning include:
US housing starts 1,072K vs street 980K
US building permits 1,080K vs street 1,010K
China Foreign direct investment 3.4% vs street 1.0%
Singapore electronic exports (8.7%) vsstreet (7.5%)
Japan industrial production 7.4% vs street 7.0%
Economic reports due later today include:
9:55 am EDT US U of Michigan consumer confidence street 84.5
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