“The desire for constant action irrespective of underlying conditions is responsible for many losses in Wall Street.” – Jesse Livermore
Good morning
The "trade war" has officially started after the first batch of tariffs have kicked in for China. The question is if this will escalate and really do some damage to the global economy. Equities are slightly lower in premarket as we await the jobs number. If the number comes in extremely strong we could have a good news is bad news scenario. Wage inflation is a concern and if the Fed needs to be more aggressive with rate increases at a time when there is a tremendous amount of uncertainty with the ramifications of a global trade war.
Oil gold and the dollar are all slightly lower. The gold miners have been bouncing recently and could be worth at least having on your radar.
Job numbers are in and the talking heads on the financial networks are suggesting this is a Goldilocks number. Equities are bouncing off the number as it suggests the Fed may slow its roll on interest rate hikes.
U.S. JUNE PAYROLLS RISE 213,000, JOBLESS RATE RISES TO 4%
*U.S. AVERAGE HOURLY EARNINGS ROSE 2.7% Y/Y IN JUNE; EST. 2.8%
CVEO Civeo Announces Conditional Award of 4 Contracts For Coastal GasLink Pipeline Project in Canada got a little bounce in post market 4 could act as potential support 4.50 could act as resistance
Great looking daily chart potential flat top break out 35 dolla holla and all time highs blue skies could be a day trade or swing very small floater don't chase it is overbought near term and up 5 days in a row an entry for a swing between 30.50 and 32.76 range could work
Flirting with a 2 roll wanted this as a swing or long term hold play in the 1.60 area but could get some follow through on a 2 break for a quick hit This could be a decent way to play the cannabis space
Flirting with a 15 roll sector is somewhat weak but this one has held up extremely well and is testing the top of a channel as it is overbought but it may get some follow through for a scalp opp it could also be considered for a swing on a pull to 13 potential support which could be an ideal entry It is flirting with all time high blue skies
Testing price resistance after consolidation and bounce of the 50 day potential day trade opp red to green looking for a potential 3 test and roll
AMC Announces its Stubs Membership Program Has Grown from 2.5M to 15M+ Subscribers Over 2 Years nice pop yesterday that news is old but with a strong year for movies and their new membership program could be worth a look for a swing flirting with a 17 roll potential red to green move ideal entry could be near 16 potential support
50 EMA bounce gapper not seeing any news small floater looking for potential red to green see if 6.90-7 area hold as support need some volume to play it day trade potential
BBOX Black Box Awarded 5-10 Yr $10M+ Data Center Project With Global Social Media Giant; Co. Says Potential Work Could Total $300M Or More Black Box Shares Up 62.2% Premarket Following News Of $10+M Data Center Contract With Social Media Company
Big gapper do not chase it but this could set up for a multi day run off this news
Today's Economic Calendar
8:30 Non-farm payrolls
8:30 International Trade
10:30 EIA Natural Gas Inventory
1:00 PM Baker-Hughes Rig Count
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