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07th June 2016 Market Outlook and Correlation Directional Bias

PHILADELPHIA, PA - JUNE 6: Federal Reserve Chair Janet L. Yellen delivers a speech on economic outlook and monetary policy on June 6, 2016 in Philadelphia, Pennsylvania. Today is the last time Ms. Yellen will speak publicly before the blackout period preceding the Federal Open Market Committee meeting on June 15, 2016.

07th June 2016 Market Outlook and Correlation Directional Bias

Sign of Recession Janet yellen is ignoring?

Good Mornings Members

US Dollar: Up at 93.925. The US Dollar is up 70 ticks and trading at 93.925.
Financials: The Sept 30 year bond is down 8 ticks and trading at 165.27.
Indices: The June S&P 500 emini ES contract is up 23 ticks and trading at 2114.00.
Gold: The August gold contract is trading down at 1245.10. Gold is 23 ticks lower than its close.
Energies: July Crude is up at 49.82.
Markets at present not to be seems correlated.
when we don’t have a correlated market, it means something is wrong.
All of Asia traded higher. As of this writing all of Europe is trading higher.

Economics News Release -Need to be aware of
– Revised Nonfarm Productivity q/q is out at 10 AM EST. This is not major.

– Revised Unit Labor Costs q/q is out at 8:30 PM EST. This is not major.

– IBD/TIPP Economic Optimism is out at 10 AM EST. This is major.

– Consumer Credit m/m is out at 3 PM EST. This is major.

Directional Bias

The Dow gained 113 points and the other indices gained ground as well. Today we aren’t dealing with a correlated market however our bias is to the upside.