It looks to me like the markets are in a downward trend with the occasional short cover to wipe out anyone with a modest stop. I am active in the S&P 500 futures and EUR/USD futures markets and have found that my short entries after a strong short-term short cover perform the best.
S&P 500 futures fell 8.50 points to 1328.00, NASDAQ futures fell 25.00 points to 2536.50, and Dow Jones Industrial Average futures fell 33 points to 12503.00.
Corn had another strong rally, gaining 21.5 cents and rising to $7.2540 a bushel.
Gold futures fell $8.90 to 1566.80 and WTI crude futures fell 69 cents to $85.62.
Infosys Ltd ADR fell over 10% after weak guidance on the global economic slowdown. In my opinion this earnings season has been full of weak guidance forecasts due Europe and China’s slowdown.
Netflix Inc. (NFLX) posted yet another gain of 1.42% on another trivia bit from the CEO claiming that more than 1 billion hours of streaming video service were watched in June.
Groupon Inc. is currently up just under a percent on the day, however it reached a new low of $7.34. Maybe there is a bargain in this coupon stock?
Along with oil’s fade, Marathon Petroleum Corp. fell 2.73%.
David Cornes holds a degree in economics from the University of Montana.