The Truth About Anxiety

Good morning folks,
The Fed released a fairly hawkish statement yesterday and that sent the dollar soaring while gold and miners plunged on massive volume. Financials had an impressive pop on the anticipation of higher rates around the corner. 

Even though a June rate hike is clearly on the table and the dollar strengthened the markets held up surprisingly well. 

Why ?? 

Maybe no one really believes the Fed can raise the rate?? Maybe because the Fed is talking like they are going to raise rates that means the economy is in tremendous shape and moving towards a normalized monetary policy is being celebrated as a good thing?? We get a jobless claims report this morning and if we get another uptick in claims how will the markets react to that? There are lots of questions that need to be answered.

A few things were glaring out at me as I went through my scans after the close were that the IBB IWM  SPY & NASDAQ all managed to hold potential support while the SMH put in an impressive show of strength. 

After the close we had decent earnings out of CSCO and CRM which could help the Tech sector while TSLA announced a secondary offering that initially sent the stock tumbling and then managed to to rally back after hours. WMT appears to have beaten earnings and its catching a bid premarket keep an eye on the XRT for a potential snap back bounce. We also have a hostile bid for MON this morning and that could put the Ag sector in play.

The question for today is whether or not the support will hold or will the Fed minutes be the catalyst that sends us below the key levels of support we have identified. I am looking for a close in the SPY below the 203 level before I start pressing any short ETF or long volatility positions. 

Today's Markets 

In Asia, Japan flat at 16647. Hong Kong -0.7% to 19694. China flat at 2807. India -1.2% to 25399.
In Europe, at midday, London -1.4%. Paris -0.9%. Frankfurt -1.2%.
Futures at 6:20, Dow -0.4%. S&P -0.4%. Nasdaq -0.4%. Crude -1.9% to $47.27. Gold-1.5% to $1255.10.
Ten-year Treasury Yield flat at 1.87%

Today's Economic Calendar

8:30 Initial Jobless Claims
8:30 Philly Fed Business Outlook
8:30 Chicago Fed National Activity Index
9:45 Bloomberg Consumer Comfort Index
10:00 Leading Indicators
10:30 EIA Natural Gas Inventory
10:30 Fed's Williams Speech
4:30 PM Money Supply
4:30 PM Fed Balance Sheet

ETF's on my Radar 

Volatility                                                       OIL                                                Biotech
UVXY XIV VXX TVIX VMIX VMAX            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  

Agriculture                                  SPY 

DBA, DAG                           SPXS SPXL

STOCKS ON MY RADAR PREMARKET  
TNXP  Gapping off Pr this morning tiny float closed the gap on the daily don't chase it

ONCE nice looking daily setup another fairly small floater 20 percent short interest plenty of cash on the balance sheet gapping off early data for hemophilia could get some follow through

RPRX pr lil gap this morning small floater do not chase  

GEVO penny play getting some action off pr lots of eyes on it could get some nice scalp setups
Burning through cash has a history of pop  then dilute shareholders and Drop

ENZY super tiny floater beat on earnings and reaffirmed guidance  potential 8 test and roll would want to see some big volume before getting involved

KOOL pr potential 2 roll another SUPER tiny floater

ANY no news but held up well in a weak tape with a nice volume pop  could be looking at a base breakout continuation

CPXX gapping off Breakthrough therapy designation nice pop premarket small floater 11 percent short interest may need to raise cash soon



 *PR means press release* 


Stocks that are in this weeks Stocks to watch Ticker Tv session and their performance