Stocks are rising this morning, with Target (TGT) posting strong earnings — a positive for the retail sector.
TGT is up over 15% on news that price cuts are paying off. The retail giant’s earnings per share rose 40% year over year.
TJX Cos. (TJX), the parent company of TJMaxx, is also up nicely, about 5%, on earnings.
So far, so good for the retail sector — we’ll discuss this and what it means for the economy more during my VIP Trade Room session at noon ET!
Meanwhile, we also have the latest FOMC minutes at 2 p.m. ET, followed by comments from Jerome Powell at 10 a.m. ET on Friday, which is likely to move markets, especially if we get any hints about potential rate cuts in September.
Crude oil is approaching downside support, but it’s still in the twilight zone. Bonds are in a descending triangle and waiting for rate cut news.
Gold is still marching to new all-time highs, and the two I gave out, Newmont (NEM) and AngloGold Ashanti PLC (AU) are both strong.
If I see another gold stock breaking out, I’m buying…
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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