The melt up in the markets continued yesterday with very controlled moves higher in the IWM and Midcap indexes. The Dow closed over 18k and the SPY is a whisper away from all time highs. It was a crazy day with all kinds of low float names experiencing dramatic spikes and then almost immediate reversals. Very few low floaters can actually sustain the amazing two or 300 percent moves in a day and then continue the move like HMNY has done in the last few days.
Going through my scans last night the one thing that stood out for me was the T2107 and T2108 are getting into those nose bleed areas once again. For those that do not know those two indicators rank the amount of stocks that are over their 40 and 200 day moving averages and 70 or above is when we start getting to the nosebleed area. Which is typically a prudent time to start locking in profits. It doesn't mean we can't go higher but for me, what is says is, its time to go through my portfolio and determine if there are areas where I may be being too greedy.
We are looking at a red open this morning as the markets digest some weak economic data from around the globe. The weak dollar has been a focus and if it continues to fall we could see more upside pressure in the commodity sectors.
One ETF that really caught my eye last night was the RSX the Russia bull ETF just broke through a potential area of price resistance with a flat top breakout and crossed the 18 dolla holla. It could be wroth watching. Along the lines of that theme YNDX had a real nice move yesterday and VIP looks kind of intriguing.
Today's Markets
In Asia, Japan -1% to 16668. Hong Kong closed. China closed. India -1% to 26763.
In Europe, at midday, London -0.9%. Paris -0.9%. Frankfurt -1.3%.
Futures at 6:20, Dow -0.3%. S&P -0.4%. Nasdaq -0.4%. Crude -0.8% to $50.81. Gold -0.1% to $1261.10.
Ten-year Treasury Yield -2 bps to 1.68%
Today's Economic CalendarIn Europe, at midday, London -0.9%. Paris -0.9%. Frankfurt -1.3%.
Futures at 6:20, Dow -0.3%. S&P -0.4%. Nasdaq -0.4%. Crude -0.8% to $50.81. Gold -0.1% to $1261.10.
Ten-year Treasury Yield -2 bps to 1.68%
8:30 Initial Jobless Claims
9:45 Bloomberg Consumer Comfort Index
10:00 Wholesale Trade
10:30 EIA Natural Gas Inventory
1:00 PM Results of $12B, 30-Year Note Auction
4:30 PM Money Supply
4:30 PM Fed Balance Sheet
ETF's on my Radar 9:45 Bloomberg Consumer Comfort Index
10:00 Wholesale Trade
10:30 EIA Natural Gas Inventory
1:00 PM Results of $12B, 30-Year Note Auction
4:30 PM Money Supply
4:30 PM Fed Balance Sheet
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
GNCA pr nice looking daily potential 5 test and roll LC rumors are flying could be active Do not chase it
AGN looking at a potential 250 roll
AGEN pr milestone payment active premarket decent looking daily potential 5 test
*PR = Press Release*
This weeks Ticker Tv Stocks to watch and their performance below
No comments:
Post a Comment