Stocks are about as flat as can be premarket on the heels of an eighth straight day of gains — for the first time since November 2023.
When you see long winning streaks like that, you generally see a pullback day, so be careful!
Lowes (LOW) reported this morning and there’s not much of a reaction so far with the stock down about 0.2%. The company did report a downward revision, which is not good.
Target (TGT) reports before the open Wednesday, and this has the ability to really move other retail stocks.
Crude oil is doing exactly what I’d expect it to right now… absolutely nothing. It’s not hurting us, but it’s not helping, either. This means it’s not time to focus on energy stocks until it makes a more directional move.
Gold, however, is in play. It’s at an all-time high right now around $2,565 an ounce.
Everyone is waiting for the FOMC minutes on Wednesday, and Fed Chair Jerome Powell’s comments on Friday, so I wouldn’t expect to see much movement in bonds until then…
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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