9 things traders are watching before the market opens

Via Dave Lutz at JonesTrading, here are some quick bullets on 9 things traders are watching before the market opens.

  • US Futures are rebounding strongly — gaining almost 1%. Most commodities are posting tentative gains. CNN Fear & Greed Index is at 7 — “Extreme Fear.” Couple with TRIN and VIX backwardation reading yesterday, and we have a rebound pop this AM
  • China futures limited up today — Shanghai biggest 1day gain in 6years — SHCOMP +5.7%. Today’s China catalysts include speculation CSRC may push to arrest short sellers… company buybacks, executive stock purchases, easing of margin requirements.
  • Commodity-related stocks — among the worst hit in the past few days — lead gains in Shanghai. There was spillover buying in Hong Kong — HSI +4.3%. Australian shares, led by mining stocks, recovered from a morning selloff to finish flat
  • Overnight, the price of iron ore fell 10.1%, a tenth straight loss, to a fresh six-year low of $US44.69 a tonne. But on Thursday morning iron futures traded in Dalian, China, were up 1.7%.
  • Greece submitted a loan application yesterday, and is expected to reveal their full proposal today. European equities markets are making robust gains, reflecting hope that this weekend’s summit of all 28 EU leaders will be able to finally resolve Greece’s stand-off with its creditors.
  • Tube strike: London grinds to a complete halt.
  • Alcoa, the aluminium group, has reported earnings below analysts’ expectations but taken an upbeat tone on the rest of the year. AA up 2% this AM.
  • U.S. Heavy Truck Sales in June: Highest since February 2007.
  • Crude Oil Nears Another Bear Market. U.S., Iran Say Nuclear Deal No Sure Thing on Newest Deadline Day.
  • NYT reports the IRS is about to crack down on a popular hedge fund tax strategy known as “basket options.”

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