Futures flattish but a few things:
ECB will continue to print a trillion/year and keep rates negative “well past the horizon of their net asset purchases!” In other words, if they ever stop printing money, negative rates forever. They know not what they do as they think they are heroes. When the world prints trillions to buy assets, asset prices go up…until they are stretched…and then…
We are preparing for Irma. Those in South Florida should have already been done. Gas is limited. Traffic is congested. Here in Orlando, if the track stays the same, the eye should be around Daytona Beach 2 am Monday morning or surrounding area as it passes. Expectations are that Irma will be a CAT 3 or less as it moves over Florida. We expect gusts up to 100 mph with lots of rain and possibility for tornadoes. South Florida and the Keys look to be much worse. Here is the best view. It is updated every 3 hours. http://www.nhc.noaa.gov/refresh/graphics_at1+shtml/120644.shtml?cone#contents
Stay safe. Do not screw with this. Always err on the side of caution.
After yesterday’s yuck, market bouncing today.
FINANCIALS bounce early…was hurt the most yesterday.
BIOTECHS in the green…strongest group near term.
ENERGY bouncing more…way oversold and another hurricane heading my way.
AIRLINES down again…lots of cancelled flights.
Will be back later. Right now, preparing for a Cat 3 hurricane in Central Florida. Key West and South Florida look to take the brunt.
The REGIONALS (KRE) already acting like the Mets. The biggies (XLF) and you know the names have been sitting with a small bias to the downside. In recent weeks, they teased the downside but eventually held. Most of these names pretty much have done nothing since last December after the initial “TRUMP” move.
Just letting you know that the XLF is again teasing a downside break. When you have a chance, take a gander at JPM, BAC, C, MS, BK and you will see toppy action. A few just breaking below the 50 day. These have been some of the stronger names. And there are weaker names like GS…which looks horrid. And of course, WFC is DOA as it has its own set of problems. 200 day average at around $24 for XLF. To be watched. Not usually thrilling when financials are gagging.
On the KRE, much worse. trading below all moving averages with huge support at about $51.
Futures down. Not a lot.
IRMA now a category 5. Be prepared. Get prepared. This is a killer storm that will play no favorites.
Quiet earnings week.
GOLD up again this morning. On the screens now.
Watching insurers as IRMA can be another costly storm.
Will have my usual logical but pointed comments on DACA on radio today at garyk.com.