Global market rejoice on averted nuclear crises

The world is under crises as missile strike from North Korea loom. Fortunately, today the N.Korea leader decided to pull back from the missile launch but warned he would consider launch depend on the threat by U.S activities. Dow Jones Industrial Averages futures up 62 points before market open indicate another higher open.

The market is watching U.S retail sales data which is expected to come out at 0.3% increase monthly.

Asian market & Europe

Nikkei down 192.64 points (-0.98%) to 19,537.10, Shang Hai Composite up 28.39 points (+0.88%) to 3,236.93, and Australia ASX 200 up 37.27 points (0.65%) to 5,73041. Meanwhile, stock market in Europe also follow Asian lead with DAX Germany, FTSE UK, Euro STOXX 600 up 1.19%, 0.61%, 0.87% respectively.

Earnings & Corporate report

Dick’s Sporting Goods (NYSE: DKS) reported earnings per share of $1.03 vs. $0.82 expectation. The company reported Q2 revenue of $2.16 billion vs. $1.97 billion expectation. Lowered Q3 eps forecast to $0.22 – $0.30 below $0.56 consensus. Share prices down to as low as $28.02 from $34.91 closing prices in pre-market trading.

Advance Auto Parts (NYSE: AAP) reported eps of $1.58 vs. $1.65 consensuses. Share prices down $11.82 (10.82%) in after market trading.

Coach (NYSE: COH) posted EPS of $0.50 higher 1 cent from consensus $0.49. Revenue comes out at $1.13 billion vs. $1.15 billion. Share prices tumble in pre-market trading to as low as $44.50.

Technical Analysis

Dow Jones Industrial Averages (INDU)

DJIA took an upward direction once again after subsiding missile threat sentiment from North Korea. There is no change to the bullish outlook on the index, and traders should stay bullish and wait for further upside.

Union Pacific Corp (UNP)

UNP found support between $98 – $101 area which is a heavily supported level. The share price currently up, but will challenge daily SMA 200 soon. Judging from the cluster of support, traders advised to avoid shorting the share prices, but the trend is bearish, and there is possibility sharp reversal from the averages.

Traders who are looking for the short position could place stop order above the daily SMA 100.