Stocks are flat across the board, with homebuilder, retailer and MongoDB (MDB) earnings, and a couple of Fed reports on deck as the day’s biggest catalysts to move markets.
We had jobless claims at 8:30 a.m. ET, but this number has been broken for some time. If it tops 300,000, then maybe it will be something that can move things. International trade in goods and services (also 8:30 a.m.) probably won’t move things much either unless it’s worse than the consensus projections.
Bitcoin (GBTC ETF) is mostly going sideways, and there’s a good chance it’s building a base before rising again — it looks like gold a few months ago. I wouldn’t buy right now, but I would hold what I have until it rises above the high from May 29.
The bond market (TLT) is rising this morning while the dollar is in the crapper. This is likely because people are taking money out of stocks and putting it in bonds.
The problem is we have a lot of overhead resistance that we need a major catalyst to break through. We need to go above the 200-day moving average here…
I’ll cover all that, my daily hitlist of longs and shorts and more in this morning’s “Premarket Must Watch” video!
Roger Scott
Roger Scott Trading
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