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US Dollar & Yield decline fueling metals, Emerging mkt rise

gm- Minor US Futures gains along with Asia while Europe mostly negative after minor breakouts in the last couple days in SXXP, SX5E and DAX, but despite some progress in Europe, still very difficult to make much of US index action.  This continues to be a market of stocks and sector rotation vs all that much volatility in the major indices and the movement in Financials and in Technology in recent days has been quite constructive, with Semis on the verge of yet again another breakout-  Today's key developments focus on the big pullback in the US Dollar vs most of its peers which has helped most metals move to new yearly highs in Palladium, zinc while helping Silver, Gold turn back higher-   Globally, bonds have rallied over the last couple days and are continuing to make headway today, with German bund yields pulling back to near -.10 bps and TNX to 1.526 as prospects for rate hikes start to dim.  This should continue to allow Emerging mkts to make headway, which have already enjoyed very sharp gains in recent months-   Early earnings out of WEN, RL helping these to advance while many waiting on SHAK, FLO post close and KSS, M, JWN, NVDA tomorrow. but after 90% of earnings are in, we see 78% of co's have beat earnings, while 55% have beaten revs.   YELP, SUNW, YRD, SPHS, JD, FCX higher, while SPWR, GEVO, MYGN, PRGO, KORS, NE all lower-   Similar to yesterday the area at 2183-5 should have importance, then 2189 while 2173-4 first support-  but NASD comp hitting new all-time highs continues to eliminate divergences between all these major indices hitting new highs and over 72% of co's now above their 200-day-  While stretched, there remains nothing in place now to suggest an imminent reversal and higher prices likely into late Aug potentially before a Fall reversal