day trading 12/05 pre market

Dow Jones 21919 minus 24
S&P   2394 minus 5
FTSE 7386 plus 1
DAX 12711 minus 46
OIL    47.79  plus 0.46
GOLD    $1224 plus $7.12
AUD   $0.738
SPI futures   Minus 6 points
K-Tel record selector    only available at Nock & Kirby (ask for Joe the gadjet man)


https://www.thestreet.com/story/141...d-breaking-streak-snap-sinks-wall-street.html

The Nasdaq broke its four-day record-making streak on Thursday as a disappointing quarterly performance from Snap (SNAP) pulled tech names lower.

The Nasdaq slid 0.22%. The S&P 500 was down 0.21%, and the Dow Jones Industrial Average fell 0.11%.

Snap, which trades on the New York Stock Exchange, tanked 21% after reporting a massive quarterly loss. The owner of disappearing message app Snapchat reported a loss of $2.31 a share, far wider than an expected loss of 19 cents. Daily active users rose 5% to 8 million over the three months to March.
Snap attributed the loss in the first quarter to $2 billion worth of compensation-related expenses tied to its initial public offering in March. Of those expenses, CEO Evan Spiegel received a $750 million bonus for taking the company public.

Daily active users, a closely watched number in the report, grew 5% quarter over quarter to 166 million, compared to analysts' projected 168 million. Despite being lower than expected, Snap's user growth improved compared with the fourth quarter, when its DAUs grew 4% quarter over quarter. Still, Snap's user numbers pale in comparison to Facebook, arguably Snap's biggest rival, which just said it reached nearly 2 billion monthly users.

Snap could be one of the most hated companies on Wall Street following its earnings result, argued Brian Sozzi over on TheStreet's premium site Real Money.

Nasdaq components Amazon (AMZN) , Microsoft (MSFT) , and Qualcomm (QCOM) were all lower on Thursday. The Technology Select Sector SPDR ETF (XLK) declined by 0.12%.
  
The S&P 500 and the Nasdaq both narrowly set new record closes on Wednesday. The Nasdaq has seen record closes for four sessions in a row as volatility held at its lowest level in more than two decades. The tech-heavy index has closed at records 31 times so far this year. The Volatility Index, often referred to as the fear index, traded at its lowest level in 24 years earlier in the week.

"The most powerful force in this market right now is inertia," said James "Rev Shark" Deporre in his column for our premium site Real Money. "Inertia is the tendency to do nothing or to remain unchanged and that is what's happening despite the best efforts of pundits to find something that will move this market."
A disappointing quarter from Macy's ( M) spooked the rest of the retail sector. Macy's tumbled 17% after missing profit and sales estimates over its recent quarter. Adjusted earnings of 24 cents a share came in 12 cents below estimates, while sales of $5.3 billion fell short by $200 million. Same-store sales at owned locations fell by 5.2%. Overall revenue declined by 7.5%. The retailer forecast a 3.2% to 4.3% decline in full-year sales.

Other retail stocks moved sharply lower in sympathy. J.C. Penney ( JCP) , Sears ( SHLD) , Nordstrom ( JWN) and Dillard's ( DDS) tumbled.

"The latest trend in retailing is not a surprise to investors this year," Jack Ablin, chief investment officer at BMO, wrote in a note. "S&P retailers are flat this year while the overall index is nearly 8% higher. Mall operators have been particularly hard hit, down nearly 10% this year."

Crude oil prices rose on Thursday, adding to its best gains of the year achieved a day earlier. A weekly reading on U.S. stockpiles out on Wednesday showed the largest decline of the year. U.S. inventories declined by 5.2 million barrels in the past week, according to the Energy Information Administration. Analysts anticipated a decline of 1.8 million barrels. Gasoline and distillates stockpiles also dropped.

Oil "has found strong support on the back of the latest U.S. oil inventories report," said Fawad Razaqzada, market analyst at Forex.com. "This has reduced concerns about excessive supply after the persistent rises in US oil production. Oil has also found support on the back of persistent jawboning from oil ministers of some OPEC countries about extending the production cuts."

West Texas Intermediate crude closed 1.1% higher at $47.83 a barrel on Thursday.
Jobless claims showed an unexpected decline in the past week, another sign of a healthy labor market. The number of new claims for unemployment benefits declined by 2,000 to 236,000, better than an expected increase to 244,000. The less volatile four-week claims average came in at 243,500.

Producer prices in the U.S. increased 0.5% in April, according to the Bureau of Labor Statistics, more than double the gain analysts had anticipated. U.S. producer prices over the past 12 months increased 2.5% in April, its biggest increase since February 2012.


what we can expect

Futures point to a slightly lower opening, currently down 6 points, but both dollar and gold up, so where we end up is anyone's guess

is it just me, or is anyone else excited by the thought of June coming soon?

it seems nothing can keep the Dow down, it fell about 120 points on some bad earnings but still recovered most of it

if it stays at this level through May (and that's a big IF)

then "buy in June and swoon" has a great base to build on

just my thoughts

Have a good day