Here's a super-quick guide to what traders are talking about right now

Dave Lutz, head of Exchange Traded Funds at JonesTrading, has a quick overview of what traders are talking about on Tuesday.

In brief:

  • Futures are rising from the lowest level in one month.
  • Netflix is ripping higher, up 19% after big beats on earnings and subscriber growth.
  • The consumer price index and homebuilder sentiment are on the data calender. Intel and Yahoo are among the major companies that will report earnings after the closing bell.

Here’s Lutz:

Good Morning! Spoos trying to bounce from 1M lows, with Futures up 50bp in early action — While focus remains on earnings (FANG Ripper led by NFLX may be tempered by losses in IBM), a sharp bounce in the commodity complex is helping risk appetite. In Europe, the DAX is up 1.1% as Miners lead gains and the Banks break above the 200dma. Consumer is mixed as Luxury split between Burberry and Remy #s. The FTSE is lagging a bit as the Pound gets more upward mojo, and volumes across the continent are pacing slightly light to trend. In Asia, Shanghai rallied over 1%, and those “B” shares recovered almost ½ of yesterday’s whack – Nifty50 reclaimed the crucial level of 8,600 – Nikkei gained 40bp as the yen softened back above $/Y104 – Aussie up 40bp as Miners and Banks outperform, while Philippines jumped nearly 3% ahead of Duerte’s trip to China.

A sharp bid for Bunds and Treasuries remain, pressing the US 10YY back to the 200dma and yesterday’s lows. The DXY continues to pull back from 7month peaks despite a Fresh Renminbi Low, as the Aussie $ popped on hawkish tone from Stevens — the ECB lending survey supported Euro, and GBP rallying as UK Inflation comes in hotter. With the weaker $, Commodities are up across the board as steel rises in Asia, helping Base Metals like Zinc, Platinum and Nickel, while Copper continues to lag. WTI is up 1% and close to yesterday’s highs as we await API tonight, while Natty continues to advance, gaining 1.2%. Softs are all lower across the board.

Ahead of us today, we get US CPI, along with “Real Average Weekly Earnings” at 8:30 – Bank of England Bond-Buying Operation Results post at 9:50, just ahead of the US NAHB Housing Market Index at 10. At 4pm we get Total Net TIC Flows from the US Treasury — Just ahead of that API data for Crude at 4:30 – Overall Supplies Seen Increasing 2.1M, With Gasoline Stocks dropping 1.125M (Bloomies) – Genscape looking for a Cushing draw -2.4M, Plains All American Pipeline outage blamed. Earnings are heavy on Tech post-close, with INTC, CREE, LLTC and YHOO among others.

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