Please enable javascript in your browser to view this site!

Haven trades being reversed as Sept expiration week gets underway

As we kick off Sept expiration week, Futures are higher across the board today which began last night on signs of yields ticking higher and a bit of uncertainty being relieved.  Europe is higher by nearly 1%, while NKY and HSI in Europe also higher by 1%, and some definite signs of the Haven trades being reversed.. as both Yen and Gold are falling, while TNX has edged up a full 0.04 bps this am..  While this should be a temporary period where gains can happen in TNX or even USD, the downtrends in these are very well intact and S&P is still likely to find strong overhead resistance near 2485-90-  At present though, prices are up above the highs of the last four trading days on the open, which is a mild positive for US stocks- Resistance for today lies right at current levels initially 2471-2, and above not much until 2480-1.  On the downside-  2460 is our PIVOT for today.. and 2455 lies under-  Premkt gainers in TEVA, UVE, ARRY, NLNK, INCY and MRNS higher, while ACHN, SGYP, JBLU, GRUB, REGN, and AU-  let me know if you have any questions

GOLDd.gif