Good morning. Investors are hoping that yesterday's selloff has created a buy the dip opportunity.
Premarket futures are up as better than expected retail sales reports and initial jobless claims inspire some confidence. As expected the Bank of England also held off on back-to-back rate cuts amid inflation concerns which has helped the dollar.
Premarket gainers: CROX, ENER, NVEC, ONT, ARO, BAGL, BLTI, AMSC, AVCA, WG, AUY, BHP, CSIQ, CTDC, CDS, ESLR, QGEN, RICK, ALTR, CELG, GOLD, JRJC, ONNN, and DRYS.
Premarket losers: HANS, AKNS, BRL, DYN, TTMI, OVEN, NHWK, INAP, NSR, PSUN, HUBG, HOV, CLWR, EMKR, KALU, MCGC, SMSI, and SNCR.
Other than a wholesale trade report at 10:AM, there is nothing else on this week's economic calendar. Once again, energy prices and corporate headlines will remain in focus. A quick rebound above S&P 1400 is exactly what the bulls need to do to.
Again, the next two days are going to be tricky to navigate as the bulls and bears battle for control. Unless you have to grind out trades (or see something very attractive out there), you may be better off stepping aside and letting the market settle down a little. At least that's my own game plan for the rest of week.
Have a terrific Thursday.
