Dave Lutz of Stifel, Nicolaus has the things traders are talking about today:
US Futures are off small this AM, mirroring slight weakness in Europe. Volumes look to be abysmal again (yesterday 2nd slowest day in 2014 in USA) — with the DAX unchanged but trading 20% light to normal averages. Lack of Catalysts = Lack of volumes, and today may be sharply influenced by the week’s largest POMO, as 2 Fed speakers the only other catalysts on the docket ahead of the BOJ (and FOMC Minutes) tomorrow. Ukraine Stress continues to fall to the sidelines, with Russia’s Micex off small, but driven more by the delay in the China Natty Deal (rumoured $US400b). Focus on Emerging Markets was on Thailand, where the army declared martial law before dawn “to keep peace and order” but denied this was an attempt at a coup (Thai off 1.2%). In Asia, we had a bounce back in China (lowered # of IPOs allowed) — and Japan managed to gain 50bp despite the Yen being bid higher. Watch the Miners – Aussie miners under stress as Ore breaks $US100/ton in China.
We have Options expiry for many VIX measures today — and we will see if the Momentum stocks can build on yesterday’s sharp outperformance as MoMo darling FEYE speaks this AM at JPM (FEYE up 5% this AM). The Homebuilders and Home Improvement space will be a focus as HD is offered lower this AM (#s)
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