Friday, July 22, 2016

Elevate Your Game

Good morning folks, 
The markets had a small pullback yesterday while gold silver and the miners had a little snapback. Oil continued to struggle along with the energy names while the dollar also has a minor pullback.

While the markets do look a bit tired they have not gone parabolic. They are just consolidating absorbing the recent run. It is healthy action that is needed to build up some energy for the next move. The only question is which direction that move will wind up being. The IBB and IWM are my main focus because the action has been very impressive this week. The SMAH IBB and IWM all crossed areas of potential resistances and now we want to see those hold as support as we build up that energy. 

If the markets struggle and we break below those areas of potential support then volatility, which has been non existent, may start to pick back up. We have had a lot of talking heads on the financial networks talking about the low level of the VIX and how typically @ these low volatility levels the market tends to take a tumble. 

There hasn't been anything typical about this market! Just because that is typically what happens, it doesn't mean that it has to happen this time. We may just continue to grind and work the overbought conditions off through time. Complacency may continue which will be frustrating for the bears since there are so many that feel the markets are overdue for a day of reckoning. 

Shippers which have been a sector that has been taking a beating for years.  Many companies in the sector look like they are on there death bed and just waiting for the vultures to come pick away at their remains actually showed some signs of life. There are a ton of low priced small float plays in the sector because many of the companies have done multiple reverse splits. The fundamentals for these companies remain extremely poor and even though they may have low stock prices they aren't cheap stocks. Be very careful with what you are playing with and understand that they climate for these companies remains very challenging. They may make great day trading opportunities but make sure you do a little due diligence if you are considering holding overnight.  DRYS EGLE TOPS GNK TNK STNG are just a few that come to mind. 


Benzinga 15 Stocks on the Move Pre Market 

Gainers

  • Second Sight Medical Products Inc (NASDAQ: EYES) shares rose 20.4 percent to $4.90 in pre-market trading as the company reported positive five-year data from Argus II Retinal Prosthesis System.
  • Puma Biotechnology Inc (NYSE: PBYI) shares rose 13.3 percent to $39.10 in pre-market trading after the company reported that it has submitted New Drug Application for PB272 to the FDA for the extended adjuvant treatment of HER2-positive early stage breast cancer.
  • Proofpoint Inc (NASDAQ: PFPT) rose 11.5 percent to $72.76 in pre-market trading after the company reported better-than-expected results for its second quarter and issued a strong forecast.
  • Advanced Micro Devices, Inc. (NASDAQ: AMD) rose 9.8 percent to $5.73 in pre-market trading after the company reported a narrower-than-expected loss for its second quarter on Thursday.
  • Insys Therapeutics Inc (NASDAQ: INSY) rose 5.3 percent to $16.45 in the pre-market trading session after gaining 3.17 percent on Thursday.
Find out what's going on in today's market and bring any questions you have toBenzinga's PreMarket Prep.

Losers

  • Contango Oil & Gas Company (NYSE: MCF) shares fell 18.8 percent to $10.15 in pre-market trading. Contango reported an offering of 5 million shares.
  • Skechers USA Inc (NYSE: SKX) shares fell 16.3 percent to $26.95 in the pre-market trading session as the company posted weaker-than-expected results for its second quarter on Thursday.
  • athenahealth, Inc (NASDAQ: ATHN) fell 11.1 percent to $122.00 in pre-market trading after the company posted downbeat Q2 earnings.
  • Pandora Media Inc (NYSE: P) fell 9.2 percent to $10.90 in pre-market trading. Pandora reported a narrower-than-expected loss for its second quarter, but the company missed analysts’ sales expectations. Active listeners also declined 1.6 percent year-over-year to 78.1 million at the end of the quarter.
  • Heat Biologics Inc (NASDAQ: HTBX) shares fell 8.2 percent to $0.790 in pre-market trading. Heat Biologics reported the suspension of proposed public offering of common stock announced on July 21, 2016.
  • Genesis Energy, L.P. (NYSE: GEL) shares fell 5.4 percent to $37.73 in pre-market trading. Genesis Energy reported an offering of 8 million units and announced Q2 preliminary earnings of $0.22 per share.
  • Paypal Holdings Inc (NASDAQ: PYPL) shares fell 4.2 percent to $38.45 in pre-market trading. Paypal posted in-line earnings for its second quarter. However, the company exceeded analysts’ sales expectations. The company raised its revenue forecast and announced a partnership with
Visa Inc (NYSE: V).
  • Flextronics International Ltd. (NASDAQ: FLEX) shares fell 4.1 percent to $12.60 in pre-market trading. Flex reported Q1 adjusted earnings of $0.27 per share on revenue of $5.877 million.
  • Skyworks Solutions Inc (NASDAQ: SWKS) shares dropped 4 percent to $68.15 in pre-market trading. Skyworks Solutions reported Q3 adjusted earnings of $1.24 per share on sales of $751.7 million. The company also announced a $400 million buyback plan.
  • Starbucks Corporation (NASDAQ: SBUX) shares fell 2.7 percent to $56.04 in pre-market trading. Starbucks posted in-line earnings for its fiscal third quarter, but the company’s revenue fell short of estimates.

Today's Markets 
In Asia, Japan -1.1% to 16627. Hong Kong -0.2% to 21964. China -0.9% to 3013. India +0.3% to 27803. 
In Europe, at midday, London +0.5%. Paris +0.2%. Frankfurt -0.1%. 
Futures at 6:20, Dow +0.2%. S&P +0.2%. Nasdaq +0.2%. Crude +0.2% to $44.83. Gold -0.5% to $1325.70. 
Ten-year Treasury Yield +1 bps to 1.57%

Today's Economic Calendar
9:45 PMI Manufacturing Index Flash
1:00 PM Baker-Hughes Rig Count 

ETF's

 Volatility                                                               OIL                                      Biotech

UVXY XIV VXX TVIX                      UWTI DWTI GUSH DRIP USO       LABD IBB LABU  
VMIX VMAX      
 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 
*PR = Press Release
KONE could we have a day two of craziness>?? Small China low floaters could be in play Early shorts have had a tendency to get trapped in these things lately Play appropriate size for the amount of risk you are taking Remember the party can end in these things in the blink of an eye

PBYI pr after the close last night gapping premarket flirting with a 40 roll 

EYES pr after the close low floater in the right sector, Biotech potential 5 dolla holla don't chase it >can be a pop and flopper 

SPEX this is a garbage stock recent reverse split (Which seems to be all the rage right now)  super tiny float had some unconfirmed  chatter yesterday> has had some pretty nice pops in the past if it can take out 2.50 with conviction maybe we get a 3 test

AMD sweet looking daily very thick stock reported earnings hot sector could get a 6 test and roll 

FH potential continuation after a late day pop > full disclosure I have a swing in the stock love the new tech from the company trading below book value recent insider buys @ 2.35 a share

VLRS airline reported earnings could get a 19 test and roll > may be more of a swing type and the sector is under pressure so do not chase 

ITEK patent news potential 9 test and roll along with a trendline break small floater its only patent news so it really doesn't impact the company financially so don't chase it 

 Stocks on my radar from this weekends scans