May 7th Watchlist
Futures looked somewhat bearish late last night but have reversed course after Japan's Nikkei index posted a 3.6% rally overnight. We're back up over $162 on the SPY this morning and most sectors are in the green here in the premarkets. Bulls are still in complete control here and many names will continue to push higher today provided the SPY holds this gap higher.
Google (NASDAQ: GOOG) & Apple (NASDAQ: AAPL) have both really been capitalizing on higher prices during this fresh bull run on the indexes. The Financial sector finally decided to join the party yesterday with Bank of America (NYSE: BAC) as the leader. This trend could easily continue today if the SPY trends towards $163.
The only economic data on top today is a Consumer Credit report which will come out around 3 PM so watch for the reaction from the futures. This is usually not a market mover though folks so don't put too much focus on it.
There's a lot of chatter this morning concerning the precious metals, Gold & Silver. We're looking at a substantial gap down in SLV (NYSE: SLV) here and Twitter folks are claiming this is a solid place to re-enter concentrated short positions. Trade at your own risk my friends.
I'll be babysitting my BAC overnight position and figuring out the plan for the rest of the week.
GOOD MORNING YOUNG WORLD!
The following article is from one of our external contributors. It does not represent the opinion of Benzinga and has not been edited.