May 15th Watchlist
Gold is the main headlines across the newswires this morning, dropping about 90 points in the overnight session. This sell-off comes after a big push lower during Friday's session. Precious Metals are still currently held by many large hedge funds & institutions and I would imagine these folks are unwinding their positions.
Futures are lower today, reacting to a weaker GDP number out of China. Thus far, overseas tribulations in Europe, China & Japan have not been able to derail the current rally. The market has rallied for the last 6 days bringing many bulls back into the market. Now, it seems we need to consolidate up here and figure out if the bulls have yet another leg left. Negative economic news even on the homefront is being bought up as well so I wouldn't be too quick to build your short bias.
Citigroup (NYSE: C) posted better than expected earnings this morning and we are still awaiting Goldman Sachs (NASDAQ: GS) & Bank of America (NASDAQ: BAC) still left to report for the major banks. Citigroup is moving higher slowly in the premarkets here and the positive beat will surely bode well for the other banks.
GOOD MORNING YOUNG WORLD!
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