Futures are pointing sharply lower this morning as worries steepen in regards to the debt troubles in Europe. So right now my portfolio (which is heavily short) is already shaping up to have a nice day. However, on Tuesday and Wednesday, we saw how early morning bearish behavior can quickly change into bullish euphoria, so the day is young, and there is still a lot of time between now and when that final bell sounds the start to the weekend.
On the economic front, we have a number of reports coming out, with the biggest one being retail sales at 8:30am ET, followed by Industrial Production at 9:15am, and then Consumer Sentiment at 9:55am and Business Inventories at 10am. But as has been the case of late, expect the situation in Europe to continue to be the main driver in the markets, and all the economic reports to play second fiddle to that, much like the jobless claims did yesterday.
Here are Today’s Trade Setups…
SHORT: Penn Virginia Resource Partners (PVR)
LONG: Mobile Mini (MINI)
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