TUESDAY 06/06

[huh]

10 things you need to know before the opening bell

The World Bank says the global economy is improving, but risks remain. The World Bank held its 2017 global growth forecast at 2.7%, saying, "A recovery in industrial activity has coincided with a pick-up in global trade, after two years of marked weakness."

UK polls keep tightening. A poll released by Survation late Monday showed Prime Minister Theresa May's Conservative Party held a 1-point lead over Jeremy Corbyn's Labour Party. Betting odds, however, still reflect a 92% chance the Conservatives maintain their majority.

Australia keeps policy on hold. Australia's central bank held its key interest rate at 1.50% while maintaining a neutral bias for its interest-rate outlook.

The 10-year is at its lowest level since the days following Trump's election win. The US 10-year yield is down by 3 basis points at 2.15%, a level last seen November 10.

Bitcoin and ethereum hit record highs. Bitcoin trades up by 7.4% at $2,863 a coin, while its rival ethereum is higher by 5.4% at $257 a coin, both all-time highs.

Goldman Sachs turned down a request from Venezuela. "In early May, Goldman Sachs turned down a request from Caracas to convert $5 billion in sovereign bonds into marketable securities partly because it would mean dealing directly with a Venezuelan state bank," Reuters says, citing people familiar with the talks.

Apple's Worldwide Developer Conference is in the books. At the conference, the tech giant unveiled a Siri-enabled speaker called HomePod and updates to a bunch of its products.

Some Tesla owners could see their insurance spike by 30%. US insurance providers have seen a high number of claim frequencies from Model S and Model X owners, and that could lead them to raise premiums by up to 30%, Automotive News says, citing AAA.

Stock markets around the world trade mixed. Hong Kong's Hang Seng (+0.5%) led the gains in Asia and Germany's DAX (-0.5%) trails in Europe. The S&P 500 is set to open down by 0.2% near 2,430.

US economic data is light. Jolts Job Openings will be released at 10 a.m. ET.

www.businessinsider.com/opening-bell-june-6-2017-2017-6

[huh]

10 things in tech you need to know today

1. Apple had its big WWDC keynote yesterday, and the company showed off its Amazon Echo competitor called "HomePod." The device launches in December, and will only be available in the US, UK, and Australia at launch.

2. Apple also announced iOS 11, the latest version of its mobile operating system for iPhones and iPads. The software updates Messages, allowing people to send payments to each other. Siri and Apple Maps have also been improved.

3. And Apple also launched its own augmented reality software called "ARKit." The goal is to make the iPhone "the largest AR platform in the world," according to software chief Craig Federighi.

4. Alphabet stock topped $1,000 (£773) for the first time yesterday. Alphabet has gained about 25% so far this year. The S&P 500 is up around 7.8% in the same time.

5. JPMorgan published an analyst note about Snap which downgraded its price target and said it thinks fewer people are joining Snapchat. The bank estimates only 8 million users will join Snapchat in the second quarter of 2017, instead of the 10 million that were previously expected.

6. Uber has hired a new SVP whose only job is to fix its leadership problems. Frances Frei is joining the company as SVP of leadership & strategy, reporting directly to CEO Travis Kalanick.

7. There's a WhatsApp scam going round trying to trick people into paying for the app. The scam texts try to make people pay for a "lifetime subscription" to the free app.

8. Snap acquired a company to help advertisers track people in the real world. It has bought Placed, a six-year-old advertising startup.

9. Some Tesla owners may see their insurance cost surge 30%. US insurance provider AAA plans to raise its rates after seeing a high number of claim frequencies among Model S and Model X owners.

10. Apple, Amazon, Google, and hundreds of businesses vowed to meet Paris climate goals on their own "in the absence of leadership from Washington." The companies joined together as part of the "We Are Still In" campaign.

www.businessinsider.com/10-things-in-tech-you-need-to-know-today-june-6-2017-6

[theMist]

Too juicy of a move this morning -- have to trade this morning and have to leave around noon

Slowly averaging in short VXX
25k short VXX

VXX currently 13.55 in premarket

[huh]

Looks as if ES is setting up for a move down to ~2415 after a pop off this morning's low.

That would put S&P ~2417-2419., but even that downside target is nothing in the big picture. Below 2417 & S&P still has double support (a gap fill & FIB support) ~2412.25, and then another ~2401-2403 (previous highs & rising support).

[huh]

[huh]

You can see the two supports likely to get tested in the chart above - the two lower FIBs - ~2417.75, then ~2412.25 if it overshoots for the gap fill

[huh]

And here's why I think at least that S&P 2417.75 support will get tested - small double-top/H&S pattern forming in ES (if it were to form as a H&S then ES would get one more quick bounce today to mid-2430's):

[huh]

If it plays out as a double-top, ES downside target ~2416. So a bounce here would actually create a slightly lower target, 2414-2415, due to the H&S

[lasvegas77]

shorted another 3700 shares at 13.43

[theMist]

VXX chart

First red arrow target hit
May recoil lower now and fill morning gap and save 2nd red arrow for another time

VXX common gap filled with this open

VXX should drop back and back test 13.28 area

40k short VXX now
VXX currently 13.45

[theMist]

Order in to cover 40k short VXX at 13.26 -- lowered to 13.24

[huh]

Looks as if ES will go for the H&S pattern. I'll be watching for ~2414 to the downside by EOW after a little higher than here

[huh]

Area in red circle should act as the resistsance/RS peak

[theMist]

VXX needs to drop down and close gap to 13.28

at that point, I would look to cover scalp

VXX 13.39

[lasvegas77]

Jun 6, 2017 8:46:08 GMT -5 theMist said:

Order in to cover 40k short VXX at 13.26 -- lowered to 13.24

I see why you have that order at that price on the chart.My hope is it keeps moving through that though.
I thought there might be a bit of a rise on vxx potentially. Was expecting it to come from a lower price though. Market appears to be recovering decently but the vix is slow to come down. I suppose it's partly because it didn't really go up that much in the first place.

[theMist]

VXX 4 HR Chart

Indicators just turned bullish and has moving average at around 13.34ish which is acting like floor

VXX Hourly indicators also bullish

Appears that VXX is still counter trending up IMO and could be because of Thursday

[ipath]

ES stabilizing but people are hedging and them scams are resisting to go lower. It's a volatile week, I was wondering why they didn't go up yesterday

[theMist]

VXX Daily chart

10sma acting like ceiling and VXX left gap behind this morning from VXX 13.29 - VXX 13.32 (lod)

I'm looking for that quick gap fill to cover my VXX short -- I have 40k short VXX 13.49 avg

VXX currently 13.41

post a picture

[ipath]

nice average mist, I bought some VXX call options yesterday expiring end of week. Was expecting the SCAMS to rise more leading up to the testemony. no short positions yet

[walnut]

I wanted to sell some vxx, but the week is a little scary and the indicators were definitely on the upswing. I don't know that the scams are done rising for sure. Good luck to you guys who waded in.