Scalper1 News
Major averages closed near breakeven on mixed, below average volume. Markets were mildly higher then sold off after violence broke out in Greece, but the indexes held above their 50-day moving averages, which remains a key area of support on any further pullbacks. Federal Reserve Chairwoman Janet Yellen said she expects the U.S. economy to strengthen over the rest of 2015 and put the central bank on a path to raise interest rates âat some point this year” which imply a rate hike could come in either September or December provided the economy measures up. The markets reacted ambivalently to her testimony as the months leading up to the first rate hike could be rocky as it signifies the beginning of the end of QE. That said, the date of the first rate hike is often a bullish event as it is a sign of an economy that may have actually turned the corner. Of course, Yellen being the dove will need to see ample evidence of such a turnaround before rates are hiked. As we know, the Fed must appear to be diligent in taking a hard line against letting QE run longer than it should, thus the Fedspeak of impending rate hikes continues. Futures are trading higher by nearly 0.5% after Greece approved tough austerity measures to receive financial aid, thus removing the fear of a “Grexit”. Fleetmatics (FLTX) had an upside reversal pocket pivot as it nears the top of its base. Earnings are strongly accelerating, pretax margin 21.9%, group rank 33. Netflix (NFLX) hit another home run on its earnings report, announced yesterday after the close, and is gapping higher this morning. We will advise on whether this is a buyable gap up as the stock trades after the open. Scalper1 News
Scalper1 News