Zacks highlights commentary from People and Picks Member «rjm77me».
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Market on Trading Watch – Watching the close today for market direction for next 5 days
Manufacturing Production Rebounds Even As Motor Vehicle Assemblies Slow:
Industrial production increased 0.1% in May, after being flat in April. The Briefing.com consensus expected industrial production to increase 0.2%.
Core CPI Surges in May, Growth Looks to be Temporary:
Consumer inflation growth slowed in May as prices increased 0.2%, down from 0.4% in April. The Briefing.com consensus expected the CPI to increase 0.1%.Energy prices fell 1.0% in May, the first decline in 10 months, as gasoline prices fell 2.0%. However, the drop in gasoline prices was statistical as the nonseasonally adjusted price increased 3.6%.
Other economic news was not great. Dow Industrials futures were – 60 down before economic data. The futures plunged another 55 points on Economic data. greek is also causing dip in European Indexes. The number to watch is $INDU close.
If market cuts down the loss to less than 60 points, there is potential side ways to slightly up market bounce in next few days. so will wait till 3:30 PM to see if the yesterdays bounce was one day wonder. I did SELL IWM puts bought at close yesterday by 9:45 AM and bought them back 35 cents cheaper as portfolio hedge
The most recent picks by «rjm77me» are:
A buy rating on SPDR Lehman High-Yield ETF (JNK),
a buy rating on ProShares Short S&P 500 ETF (SH) and
a buy rating on ProShares Ultra Short Real Estate ETF (SRS).
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