Well today is the big day with Janet Yellen giving her speech at Jackson Hole and it starts at 10 ET. It could be a market moving event if she indicates raising rates in September is likely to happen. If she is more dovish or if her speech does little to give us the ability to forecast when rates are likely going up it could be a complete non event. We also have GDP numbers at 10 ET which could move the markets.
The IBB and Healthcare sectors continue to take a beating as every congressman that wants to show their constituents that they fighting for them by chiming in on Mylan Corp and all the greedy evil drug companies. They are going to be a punching bag for awhile longer I imagine and it will likely do some technical damage but it will also create some nice opportunities for those looking to take a longer view on some quality names in the space.
Oil held up fairly well yesterday. We have rig counts out later today, another significant rise in rigs could be viewed as a bearish indicator since supply has not been an issue for the commodity and more rigs could mean even more supply for a demand that doesn't appear to be there to support the price.
Gold was down just a tad yesterday and the miner ETF's had a little snapback while the dollar bumped up against short term trendline resistance. Ms Yellen's speech today will likely have an impact on where they are headed next.
Overall, there are several sectors and indexes that still look quite healthy and could just be in consolidation mode before making a move higher. Barring any significant shock to the system the bulls could still maintain control if they really want to.
As expected futures are searching for a direction awaiting the speech from Yellen but I did just see a statement from another Fed member (Bullard) suggesting potential for another Tech bubble.
It could be a chaotic day and if it is > embrace it and look for opportunity to benefit from the chaos.
STOCKS ON MY RADAR PREMARKET
*PR = Press Release
TGTX orphan drug designation probably going to need to raise capital soon
PSTG reported narrower than expected loss and higher revenue gapping into potential resistance
HLIT breaking out of a nice flag could get some follow through
AAOI looking for potential entry after a nice day yesterday
HZN potential continuation after a nice break out yesterday
The stocks discussed in this week's Ticker Tv are listed below
Here is the link to the video
http://ticker.tv/vegastrader66/57b9cdc7f72261d67902f655
I am not posting this video to brag or boast and I will likely never do anything like this again. I wanted to show people what I and https://www.alphawolftrading.com/membership is on a mission to accomplish. I want to teach people how to become their own consistently profitable Alpha Wolf Traders. Be part of the pack but remain independent and self reliant! My P&L should have no influence on you. Just because I have these results doesn't mean you will. The size of your account, your risk tolerance, your ability to execute and your discipline to establish a clear trading plan all play a role in your ability to succeed.
I am not posting this video to brag or boast and I will likely never do anything like this again. I wanted to show people what I and https://www.alphawolftrading.com/membership is on a mission to accomplish. I want to teach people how to become their own consistently profitable Alpha Wolf Traders. Be part of the pack but remain independent and self reliant! My P&L should have no influence on you. Just because I have these results doesn't mean you will. The size of your account, your risk tolerance, your ability to execute and your discipline to establish a clear trading plan all play a role in your ability to succeed.
August 19-26th Market Wrap and Sector watch from Alpha Wolf Trading on Vimeo.
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