WTI crude oil futures fell 93 cents to $88.85 and gold futures fell 80 cents to $1618.90.
Long-term I remain bearish on the EUR/USD, however I will stay out of this trade during this short-squeeze time period.
S&P 500 futures were up a modest 1.25 points to 1381.75. If the ES’s bullish rally continues, I will be looking to go long if the index futures break the 1395.00 level. NASDAQ futures gained 11 points to 2646.75 and Dow Jones industrial Average futures rose 16 points to 13017.00.
Apple (AAPL) continued its rise above the $600 level this morning by rising over 2.5% to $610.00 after last week’s algo overloaded sell off. Cirrus Logic Inc. (CRUS), an AAPL chip producer posted massive gains of over 24% after the company posted higher than expected guidance.
Investors may finally be realizing that social media stocks are not great monetary investments in the short-term. Facebook made new lows since its IPO in May, trading down over 4% to $21.86 and currently trading around the $22.00 level. Other social media sell offs were cited in Linkedin (LNKD) and Zynga (ZNGA).
Diesel engine maker Cummins (CMI) rallied over 7.5% after posting better than expected earnings and guidance.
David Cornes holds a degree in economics from the University of Montana.
