Wednesday, August 31, 2016

Slow Progress Is Still .........

Good morning folks,
We had that breakdown that we talked about in last week's market wrap and sector watch video with JNUG and NUGT taking a decent hit and breaking some key technical levels. DUST and JDST both had powerful moves to the upside. I could tell you what I think may happen next but it wouldn't be fair to the Alpha Wolf Pro members.  I'm sorry but I have to keep some things exclusive for them. 

Oil saw a little bit of weakness and the financials continued to show strength heading into the big jobs number at the end of the week. The rest of the sectors and indexes remain in a very tight trading range. The dollar continued to show strength and could be nearing a potential area of price resistance as August comes to a close and September begins.

The markets are basically flat in premarket but we do get some data today that could give us some short term volatility. The ADP report, Chicago PMI, pending home sales and the petroleum report could move the markets. This will be just an appetizer ahead of  the main course of Friday's employment report.  

Today's Markets 
In Asia, Japan +1% to 16887. Hong Kong -0.2% to 22976. China +0.4% to 3085. India+0.4% to 28452.
In Europe, at midday, London -0.2%. Paris +0.6%. Frankfurt -0.1%.
Futures at 6:20, Dow -0.1%. S&P -0.1%. Nasdaq -0.1%. Crude -0.7% to $46.03. Gold flat at $1316.90.
Ten-year Treasury Yield +1 bps to 1.58%
Today's Economic Calendar

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*PR = Press Release
TRR earnings potential 7 roll small floater nice potential trend reversal bumping up against long term trendline 

RXDX PR another small floater lil gapper testing a 6 roll look for potential intraday setup 

FDC upgrade recent insider buy @ 12.44 nice looking daily

VEEV gapper flirting with a 40 roll after strong earnings and guidance  

WTW potential continuation after yesterday's pop off Oprah comments about losing weight > huge short interest and insider buys in this range 

CY some call option buys yesterday and some chatter that they could be taken out for 15 a share

JBLU call action yesterday and launching the first flight to Cuba today airlines were hot yesterday could get some follow through if oil continues to struggle thicker stock could be more of a swing

NCR contract news  could get a 35 test and roll likely going to have resistance @ 36

CHK seeking alpha article raising short term price target to 8 author has a good following and the article is well written

The stocks discussed in this week's Ticker Tv are listed below

August 26th -September 2nd 2016 Market Wrap and Sector Watch from Alpha Wolf Trading on Vimeo.