Good morning folks,
Expect some volatility today as we have quad witching so volume spikes are likely to happen especially as we get closer to the close. Yesterday we had a bit of a pullback in the indexes however, the IBB continues to impress me with the strength it is displaying.
There are a lot of people drooling at the opportunity to short the sector. I have personally talked to 3 or 4 individuals that are convinced its time. For me, I think it is good to harvest profits form the sector and I would not be establishing new long term holds. However, when everyone see's the same trade the market has a tendency to do the opposite of what everyone is thinks. When it's so obvious to everyone that things are getting overvalued it doesn't mean they cant't stay there or get even more overvalued in a parabolic thrust to stratospheric levels. We are still in a don't fight the Fed market, so while it is good to recognize this party can't last forever, taking profits is prudent, but going short just because you think we are overvalued is a dangerous game. So be careful out there.
Stocks on My Radar
PRTA big gapper off news last night,
SPEX penny play with pr looking for the dolla holla don't chase it can be a pop and dropper,
CTRP earnings winner poppin premarket,
ENTR 3 dolla roll possible continuation,
RALY catching a bounce after reporting they won't lose as much money this year,
CMCM earnings winner looks like a nice beat daily is pretty hot,
BIOC looking for a 3 test,
RKUS nice chart and a mention on Fast money can pop and flop so don't chase,
AVXL possible bio penny play supposed to release some Data today since it is a penny play I should not have to state the obvious but I am going to anyway> Don't Chase and Be careful,
SSH possible bounce play already a swing for me,
FOLD possible continuation,
TWTR daily is looking pretty hot,
KBH earnings pop don't chase it but look for a possible intraday setup,
IRWD rumor of buyout target
SGYP runs in sympathy
CNBC in the News
 | IN THE NEWS TODAY |
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| U.S. stock futures were higher in early trading, after a down day for the Dowand S&P 500 Thursday. The Nasdaq, however, closed higher, even trading above 5,000 at one point for the tenth time ever. (CNBC) |
 Paul McCulley, former Pimco chief economist, joins CNBC's "Squawk Box" for two hours until 9 a.m. ET with his views on the Fed's more dovish message on interest rates, and what that means for financial markets. |
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| Nike (NKE), another Dow stock, late Thursday reported earnings that beat estimates while revenue missed. But an upbeat outlook on future orders has the stock up sharply in premarket trading. (CNBC) |
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| HBO, Showtime, and Sony (SNE) are said to be talking with Internet service providers, including CNBC-parent Comcast (CMCSA), about possibly getting fast lanes for delivery of their new online TV services. (WSJ) |
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| The FTC is facing renewed questions about its handling of its antitrust investigation into Google (GOOG), after documents revealed an internal report had recommended stronger action. (NY Times) |
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| The Obama administration today is set to unveil the first major nationwidesafety restrictions on fracking for oil and gas-touching off a new political confrontation over energy policy. (Politico) |
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| Spring officially begins at 6:45 p.m. ET, but it's going to feel like winter never ended in the Northeast, with weather advisories posted across eight states, covering 32 million people. (NBC News) |
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| BY THE NUMBERS |
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| Today marks the expiration of stock index futures and options, single stock options and futures, known as quadruple witching. It occurs on the thirdFriday of March, June, September, and December. |
| There are no economic reports for markets to react to today, so traders are expected to position ahead of next week and what could be an important speech Monday by Fed Vice Chairman Stanley Fischer. Meanwhile, Atlanta Fed President Dennis Lockhart speaks this morning at 10:20 a.m. ET. |
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| A dovish statement from the Fed is but a small setback for the dollar, with the greenback set to extend its rally against emerging market currencies, according to Goldman Sachs (GS). |
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| Oilfield services company Baker Hughes (BHI) releases rig count figures at 1 p.m. ET. Last week, rigs seeking oil, off about 42 percent in 2015, fell to 866. |
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| The number of workers who have $1 million or more saved in 401(k) or other workplace retirement plans provided by Fidelity Investments nearly doubled from 2012 to 2014. The success of these retirement savers wasn't purely based on the stock market's gains. |
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| STOCKS TO WATCH |
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| Biogen (BIIB), presenting at a conference in France today, seemed to exceed sky-high expectations for its experimental Alzheimer's drug. The company said it's moving the drug into a late-stage study, with planned enrolment in the trial starting later this year. |
| Bank of New York Mellon (BK) has agreed to pay $714 million to settle cases with the Justice Department, the Labor Department, the Securities and Exchange Commission, the New York attorney general, and private class actions over alleged fraudulent foreign exchange practices. |
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| Struggling SeaWorld (SEAS) has named Joel Manby as CEO, effective next month. Since 2003, he's been chief at Herschend Family Entertainment, which owns the Harlem Globetrotters, Dolly Parton's theme park, and other attractions. |
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Seeking Alpha
Today's Markets:
In Asia, Japan +0.4% to 19560. Hong Kong -0.4% to 24375. China +1% to 3617. India -0.7% to 28261.
In Europe, at midday, London +0.1%. Paris +0.2%. Frankfurt +0.6%.
Futures at 6:20: Dow +0.4%. S&P +0.3%. Nasdaq +0.3%. Crude -0.4% to $45.34. Gold +0.2% to $1171.20.
Ten-year Treasury Yield +3 bps to 1.98%
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