Morning Market Look

Futures are leaning to the red side because of Europe this morning. after revised European Commission figures showed gloomier growth forecasts for the region. Growth is now seen at 1.1% in 2014, versus a prior expectation of 1.2%, and unemployment is seen rising to 12.2% versus a previous forecast of 12.1%. No biggie. European stocks are trading at 5 year highs. We may also see a rate cut out of Europe on Thursday.

Names like $CLF, $WLT, $RIO  and $VALE continued to trade hot yesterday and will probably continue to do so for the foreseeable future. Materials continue to act well.

The banks are resting here and are probably resting before a move up $XLF

$TSLA, $JAZZ and $FOSL  report after the close.

Momentum names showed they arent dead yet as $LNKD $TSLA $NFLX, $PCLN and names like $VIPS had great days.

The ISM number comes out at 10PM, looking for 53%

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Joe Donohue

Joe is a full time trader with 25 years experience. He is a senior contributor and investor in Stocktwits and has been seen on CNN Money and quoted in Marketwatch, Forbes, Reuters, NY Times and Wall Street Journal.