Wednesday, June 22, 2016

All Eyes On Brexit

Good morning folks,
The markets traded in a tight range yesterday as we approach the Brexit vote which begins at 7 AM London time.  Janet Yellen finalizes her testimony today after her extremely dovish appearance yesterday that squashed any hope for a rate hike in July.  

The markets have been holding up and trading as though the Brexit vote is already a forgone conclusion that the EU will remain intact. The results will not be known until the final vote is counted and assuming could be a costly mistake. I think we should expect there to be some volatility regardless of the outcome. 

Technically we have been holding over the key levels of potential support that we identified in the IWM SMH SPY and even the IBB which is acting the worst of the bunch.  

TSLA is looking to buy SCTY which could put the solar sector in play. If you don't have a specific solar stock to play you can keep an eye on TAN the solar ETF.   

Oil and Energy names have also been holding up really well and there are still some really compelling lookning setups in the space. We get crude inventories today and that could be a catalyst for the space. 

Gold and miner are taking a pause as people become more and more convinced that everything is going to wrok out with Brexit. DUST and JDST could be in play if the weakness continues.

Today will likely be another tight range day and its difficult to take swings when we have a binary event ahead that could have a significant impact on the markets. Remember that cash is a good viable position in times of uncertainty. For those that are nimble enough for scalp trading this could be an ideal environment for you. 
Today's Markets 
In Asia, Japan -0.6% to 16066. Hong Kong +0.6% to 20795. China +1% to 2906. India-0.2% to 26766.
In Europe, at midday, London +0.3%. Paris +0.2%. Frankfurt +0.1%.
Futures at 6:20, Dow flat. S&P flat. Nasdaq flat. Crude +1.1% to $50.38. Gold -0.4% to $1267.50.
Ten-year Treasury Yield flat at 1.69%
Today's Economic Calendar

ETF's on my Radar 
Volatility                                                               OIL                                      Biotech
 Gold                                SILVER         Dollar                                Financials
GLD NUGT JNUG           USLV             UUP                                 FAS XLF FAZ HYG JNK

Minerals and Miners                   Utilities           RETAIL                    Transportation              
XME GDX GDXJ                      XLU             XRT                         IYT  XTN
Agriculture                                  SPY     
DBA, DAG                           SPXS SPXL
UAM announced a 40 million buyback last night nice looking daily with flag setup 

KBH earnings beat may want to test a 15 roll don't chase it probably more of a swing type

NERV Insider buy 55k @ 10.84 could get an 11 test and roll 

ASC GA holding disclosed a 17% stake thin one looking for an 8 test and roll shippers are a really beaten down sector could be a good bounce spot

IMMR pr confirmed by company on court ruling in their favor could get some follow through off yesterday move

AMSC upgrade potential 9 test and roll

ATSG announced 50 mil dollar buyback  @ 13.07 a share

ARDX pr  could be a decent spot for a bounce insider buys @ 7.77

SUNW contract news gapping premarket tiny floater don't chase it potential 3 roll 

*PR = Press Release* 

This weeks Ticker Tv Stocks to watch and their performance below