It is Inevitable!

Good morning folks, 

We had a pullback in the markets yesterday that put the markets back into the red for the year. However there were still pockets of strength where there were opportunities to take advantage of the volatility.

TVIX and UVXY started to perk back up after being in hibernation for the last six weeks. On Wednesday the headline for this blog was "Volatility Could Be Just Around The Corner" and two days later its here. If the markets continue to pull back look for that volatility to continue. 

Gold continues to make moves higher as the dollar continues to weaken. The miner ETF's were particularly strong and as long as the dollar continues to drop gold and the miners will likely continue to move higher. If you see a reversal to dollar strength then gold and the miners will likely see some weakness. 

As we approach the big OPEC meeting on the 17th oil continues to lose strength even with a bigger than expected draw down which should have been bullish. Interestingly enough the energy exploration sector is holding up fairly well. If oil continues to drop something has got to give and my guess is the exploration and energy names will follow oils lead.

The IBB has come up into some technical resistance @ 285 and we could have expected to see it struggle and consolidate as it soaks up the supply there. Rumors are rampant in the sector and RLYP was the beneficiary of one of those rumors yesterday. There has also been a lot of legitimate news out of the sector that could keep the run going. It would be healthy for us to consolidate here to build up some energy before taking out that resistance level.

There are a few areas of concern technically, consumer discretionary, retail, financials, and transportation are sectors to pay attention to as they pullback to see if they can find some support where it would be logical for them to do so. If they are unable to hold support that could be a sign of things to come for the overall markets.   

The IWM is riding the 100 ema if we see a break below 105 with conviction we could be looking at a more significant move lower. For now it just looks like a healthy consolidation after a big move up in a short period of time. We really need to work off the overbought conditions and we can do that through time it doesn't have to be a swift pullback.

There were no significant events that I can see from the historic "FED FOUR" meeting last night. I expect we will continue to see the Fed members talk out of both sides of their mouths to try and keep the markets off balance.   

Don't miss the market wrap video this week it will be posted either after the close of first thing tomorrow morning and try to join us for the live stocks to watch session on Ticker Tv this Sunday 8 AM Vegas time! 

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 

*pr = Press Release

DEPO lil pop after the close Activist stake announced look for a 16 test

AVXL orphan designation gapping premarket don't chase 

ICPT MS down graded to 80 dollar price target 

RLYP potential red to green continuation 

ABMD 100 dolla holla premarket could get some follow through

NVS pr could be in a nice bounce area off long term dominant trendline 

MRCY thin one recent contract awards priced offering @ 19.25 per share

UA post split 2 for 1 potential flat top break out 

TTPH potential 6 roll 

TXMD potential 8 roll 

Stocks on this weeks watch list  and how they are tracking