Work on Being Consistent

Good morning folks, 
We are looking at a potential pull in the oil and energy names off of an inventory report that came out after the close yesterday. We get another inventory report today at 10:30 ET and that could move the the sector. 

So far the rotation into the beaten up biotech sector has been working and even with the terrible event that occurred yesterday the markets managed to hold up extremely well. The IBB broke its short term trendline and could be coming up into some potential resistance in the 270 range. 

Gold, minerals and miners continue to build impressive looking bullish charts as they appear to be consolidating before making another move higher.

The IWM showed the first signs that it may be getting tired but yesterdays volume was low and it could just be taking a breather. What we would like to see is a strong high volume move through the 110 to 113 range but it wouldn't be surprising if it were to drift sideways and down towards the 105 range. 

We have talked about the fact that we don't have to have a swift move in price to work off overbought conditions and that we can just consolidate and absorb the move we have had through time. 

That can make for choppy grinding action which is what we have been seeing after the first hour or two of the market open. The market settles in and just grinds sideways for the rest of the day. Volatility remains very low and complacency seems to have set in which is very surprising considering what happened yesterday. We are looking at a slightly green open lets see how the market reacts to the crude numbers and new home sales numbers. 



Today's Economic Calendar

7:00 MBA Mortgage Applications
10:00 New Home Sales
10:30 EIA Petroleum Inventories
11:30 Results of $13B, 2-Year FRN Auction

ETF's on my Radar 

Volatility & SPY                                     OIL                                                  Biotech
UVXY XIV VXX TVIX SPXS SPXL      UWTI DWTI GUSH DRIP         LABD IBB LABU      
 Gold                                SILVER         Dollar                                Financials
GLD NUGT JNUG             USLV          UUP                                 FAS XLF FAZ

Minerals and Miners                   Utilities           RETAIL                    Transportation 
XME GDX GDXJ                      XLU             XRT                         IYT  XTN
DUST JDST  

Stock on my Radar Premarket 

OCLS testing the dolla holla off pr this morning 
VRX potential continuation of the bounce 
NVAX could be trying to break out of range> closed above the 50 EMA
CVGI significant insider buy @ 2.50 a share could get some follow through
FOLD potential follow through  
RPTP decent looking daily could go for a 5 test 
SQNM pr decent size short position gapping premarket  
AKS pr potential 5 test 
GBSN pr penny play gapping premarket 
XBIT another low floater with some pr this morning 

*pr = Press Release
This weeks Stocks to watch list and how they are tracking