Stick To Your Vision

Good morning folks, 

The market is always changing and as traders we have to change with it. As we wait on the fed statement and the "Brexit" vote the markets are struggling. There was really nowhere to hide yesterday if you are a long biased trader as nearly every sector was under pressure. The VIX spiked and with volatility picking up and fear starting to creep in TVIX and UVXY provided some nice trading opportunities.

Gold and SLV continued to show strength while the miners and miner ETF's  had another day of consolidation. The dollar pulled back yesterday as the market becomes more convinced the Fed will not be raising rates this summer. We have the Fed decision on Wednesday with a press conference to follow where we may get a clearer picture of the plan for getting back to a normalized interest rate policy. If the tone is extremely dovish the dollar will likely weaken and that could continue to provide some strength in the precious metals. 

Oil pulled back after two weeks of rig counts starting to climb with the price of oil hanging around 50 dollars a barrel. Concerns that the rig count and inventory supply will continue rise and outpace demand is starting to put pressure on oil and energy names. 

Technically we took out a couple key levels that we talked about in this weeks market wrap video. We closed below the 115 level in the IWM and below 265 in the IBB. I am now watching the 113 level for the IWM and the 260 area for the IBB. 

One sector that caught my eye for potential strength is agriculture. Keep an eye on DAG and DBA ETF's. The may need to consolidate a bit more before we get our next move but I think its a sector we may want to be paying close attention to. 

Retail sales just came in stronger than anticipated and that could provide us with a bounce in the sector. 

Today's Markets 

In Asia, Japan -1% to 15859. Hong Kong -0.6% to 20387. China +0.3% to 2842. India flat at 26,395.
In Europe, at midday, London -1.2%. Paris -1.3%. Frankfurt -0.7%.
Futures at 6:20, Dow -0.2%. S&P -0.2%. Nasdaq -0.3%. Crude -1.3% to $48.27. Gold-0.3% to $1282.90.
Ten-year Treasury Yield -3 bps to 1.58%

Today's Economic Calendar

FOMC meeting begins

6:00 NFIB Small Business Optimism Index

8:30 Retail Sales

8:30 Import/Export Prices

8:55 Redbook Chain Store Sales

10:00 Business Inventories

ETF's on my Radar 

Volatility                                                               OIL                                      Biotech
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

YGE gapper off earnings lots of debt and the sector is weak be careful but could set up intraday 

IPI nice looking setup on the daily and in the right sector

VTVT recent Pearlman buy flirting with a 6 roll

MZOR hot looking daily > pr this morning flirting with a 16 roll

VG caught an upgrade  recent insider buys around 4 bucks flirting with a 5 roll 

 *PR = Press Release* 

This weeks Ticker Tv Stocks to watch and their performance below