Stocks in Rally Mode: Here’s a super-quick guide to what traders are talking about right now

Traders work on the floor of the NYSE in New York

Traders work on the floor of the NYSE in New York
Thomson Reuters

Dave Lutz, head of ETFs at JonesTrading, has an overview of today’s markets.

Here’s Lutz:

Morning! US Futures are starting under pressure, with the Spoos down 40bp, but I’ve been watching a steady rally over the last 2 hours from -1%. It’s all Green in Europe, where the DAX is up 75bp led by 1.5% jump in Discretionary shares – Healthcare shrugging off rough headers from Sanofi and Novozymes, and the Banks are adding 60bp. London up 85bp as Banks jump 1.2%, and the Miners are adding small. Energy shares stronger behind Tullow and Statoil numbers, despite a drop in the price of Brent. Sloppy sessions in Asia, as Initial Sharp bids were hit as trade wore on – Nikkei up 20bp, surrendering the bulk of a 2%+ bid – Hang Seng lost 1% despite a rebound in Tencent – Shanghais lost 2.4%, with heavy focus on the absence of the “National Team” (Their PPT) and PBoC not injecting funds for 10days straight – KOSPI lost 2.2% led by a 3% drop in the KOSDAQ as Samsung dropped 3.5% – Aussie popped 75bp behind Consumer and Material shares, but Banks didn’t like Commonwealth #s – India off small as RBI stands pat on Rates.

Some selling in Bunds has Germany’s 10YY testing yesterday’s highs, and we are seeing a Nice rally in Italian, Spanish and Portuguese debt. The US 10YY has bounced from the 2.75% level, but sees decent resistance at overnight highs near 2.8%. The Dollar is enjoying a broad rally, with Euro weaker despite a formal deal to set up a governing coalition in Germany, while Weaker UK House Prices her Sterling back under $139. Ore closes 1% higher in Dalian, but Industrial Metals are taking a breather – While Gold is up small despite the stronger Greenback. Oil is shrugging off Surprise Draws in Crude and Gasoline, with WTI testing $63 in the overnight as we await DOE later today. Softs are mostly bid, led by a 1% pop in Wheat

Here are the 10 things you need to know today.