Jul 202016
The latest round of corporate earnings is beating expectations and brought out the bulls overnight. Most notably, the enterprise management software company SAP’s stock is up 4.5%. The UK’s strong employment report which could temper thoughts of near term monetary policy easing didn’t faze the bulls who are looking to make new highs after 4 days of consolidation. The only data on deck during the US session is the 10:30am EST Oil Inventory report. Volatility has been consolidating over the last few days and unless the bulls find some new information to latch on to, I expect moves to new highs to be of the grinding nature. Size sold into the overnight rally and has a negative bias into the US session open.
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