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.
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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 CalendarIn 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%
7:00 MBA Mortgage Applications
9:00 FHFA House Price Index
10:00 Existing Home Sales
10:00 Yellen delivers semi-annual monetary policy testimony
10:30 EIA Petroleum Inventories
11:30 Results of $13B, 2-Year FRN Auction
1:00 PM Results of $34B, 7-Year Note Auction
9:00 FHFA House Price Index
10:00 Existing Home Sales
10:00 Yellen delivers semi-annual monetary policy testimony
10:30 EIA Petroleum Inventories
11:30 Results of $13B, 2-Year FRN Auction
1:00 PM Results of $34B, 7-Year Note Auction
ETF's on my Radar
Volatility OIL Biotech
UVXY XIV VXX TVIX VMIX VMAX UWTI DWTI GUSH DRIP USO LABD IBB LABU
UVXY XIV VXX TVIX VMIX VMAX UWTI DWTI GUSH DRIP USO LABD IBB LABU
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
DUST JDST
Agriculture SPY
DBA, DAG SPXS SPXL
STOCKS ON MY RADAR PREMARKET
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*
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