Rebel Yell Morning Market Report

Your Daily Financial Market Briefing - Giving You An Investing Edge Before Each Trading Day Begins

The Day Ahead For July 31st Sees the Federal Reserve Begin A Two Day Meeting

CHART OF INTEREST

This morning we look at iShares S&P Growth Allocation Fund ETF (AOR). This chart has been a struggle all year and keeps me awake at night.

AOR is made up of fixed income, equities, international developed markets, emerging markets and cash. Last year it was straight up and this year down for the year by -0.47% and since the January peak by -4.36%

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Improvement is needed to get more comfortable with stocks into the Bermuda Triangle of seasonal trouble.

MACRO

Currencies are struggling this year as the dollar remains strong. Continued weakness here could cause a nasty selloff. Last week the International Monetary Fund (IMF) warned that the dollar was overvalued by 8% to 16%.

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This is pretty laughable because the dollar hit its low in January and is up 7.78% since that point in time.

This means that the dollar was overvalued by up to 8% at its low. Huh?

 DAILY PLAYBOOK

In After Hours Trading

IPOs on deck of note . Secondaries of note .

In After Hours Trading: SURPRISES ILMN +.32 SPWR +.29 RCII +.23 RIG +.14 KLAC +.10 SF +.07 UNM +.04. MISSES JJSF -.12 VNO -.10 TXRK -.05 EFII -.03. Lower Guidance: SPWR AMKR DENN.

What's Happening This Morning

U.S. futures: S&P +7.50, Dow Jones +31, NDX +25.25 and Russell 2000 +1.90 with fair values flat. Asia higher and Europe mixed.

Gold, silver and copper lower. WTI Crude lower and Brent Oil Futures higher. Natural Gas is lower. $ is lower vs Euro, lower vs. Pound and higher vs. Yen. US 10 year Treasury price 119.52 with yields lower since yesterday. Prices as of 7:55 a.m. EDT.

Top Sectors Basic Materials.

Weak Sectors All others.

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