A Brand New Day

Good morning folks 
Janet Yellen dialed back the hawkish tone and reinforced the doubt that many economists, analysts and talking heads on the financial networks that the Fed will raise in June. I am not so convinced that the rate hike is off the table but it doesn't matter what I think. The market took comfort in her comments and showed some impressive strength in the IBB and the IWM.

We had several stocks off the Ticker Tv watch list that gave us some really nice trading opportunities as well as a low floater HMNY that decided to go parabolic. Going through the market and sector scans we are still not completely out of the woods technically in several indexes and sectors. We are bumping up against potential resistance in the NASDAQ, IBB, IYT, and the SPY are all in areas where we could pause to consolidate or pull back a bit. The SMH, which has been on fire lately was one of the few sectors to close in the red. 

Oil and energy along with Gold and mining names gave us some follow through even though the dollar had a little bounce back. Another sector that had an impressive spike yesterday was the agriculture sector DAG and DBA both had very nice moves. CF POT IPI all had nice moves yesterday.

There is literally no fear out there and zero volatility. The bulls appear to be in full control as the bears seem to be throwing in the towel. Every time the bears have had the opportunity to take control it has been a feeble attempt. There are many well telegraphed, potential headwinds that lie ahead and right now those things aren't being priced into the market. It appears as though they are extremely underestimated and until something takes hold and raises a fear level that sticks we will likely continue to melt up leading to an eventual parabolic crescendo.


Today's Markets 

In Asia, Japan +0.6% to 16675. Hong Kong +1.4% to 21328. China +0.1% to 2936. India+0.9% to 27010.
In Europe, at midday, London +0.4%. Paris +1.2%. Frankfurt +1.7%.
Futures at 6:20, Dow +0.3%. S&P +0.3%. Nasdaq +0.4%. Crude +0.5% to $49.95. Gold-0.3% to $1244.10.
Ten-year Treasury Yield +1 bps to 1.73%

Today's Economic Calendar

8:30 Productivity and Costs
8:30 Gallup US ECI
8:55 Redbook Chain Store Sales
1:00 PM Results of $24B, 3-Year Note Auction
3:00 PM Consumer Credit

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

EAC Could be today's low floater parabolic runner off Contract announcement last night after the close Its a HUGE gapper do not chase it they have a boatload of debt and recently had their credit rating slashed

IILG insider 14.68 30k  buy> like the look of the daily potential 15 dolla holla 

WGBS pr after the close testing a 1 dolla roll another thin one 

SYNC pr active premarket flirting with a 3 roll big gap on the daily below but defined area of potential support @ 2.70 or so 

VRX gapping down off earnings making new lows premarket could be under pressure all day

RGLS pr taking out 6 premarket

SRPT gapping off News released last night of FDA request could set up for a scalp  

 *PR = Press Release* 

This weeks Ticker Tv Stocks to watch and their performance below