$EWG $SPX $QQQ $XLF $JPM $AAPL $TSLA $GLD Morning Call Express with Scott and Brittany Umar. There are mostly red arrows around the World as the Russian Government has given Putin a “human rights abuses report,” which gives him the “authority” to continue this escalation into Ukraine. The DAX turned lower that top of its range and is down 1.2%, as are most other indices in that region. Most of Asia is closed for Children’s Day public holiday. The S&P failed again on Friday after the stronger than expected jobs number. Bonds say something different as they don’t sense such a strong economy and continue to paint a different picture. Technically we’ve gotten used to this range as the S&P pushed above 1888 and then closed at 181, giving a small Red Dog Reversal. This morning they are down 7-9 handles. Upper support is 1872. If we hold that and go green today, that would be impressive by the bulls. If we close below that, then more intermediate support zone stands at 1862-1864 could come into play. A close below this and the Bears will start growling louder. On Friday JP Morgan (JPM) came out and said that trading revenue will fall short of expectations, putting more pressure on a group that’s been lethargic and weaker the past few weeks. See if JPM can go green today or not. Big support is at $54, a trade and close below this would bring additional pressure. The Financial Sector ETF (XLF) put in a RDR on Friday at $22.19. Intermediate support is $22.74 is intermediate - a close below this wouldn’t be good for the group.
Posted on: Mon, 05 May 2014 12:44:29 +0000
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