Good morning
I said yesterday that because I liked the way the technicals looked for many sectors and the markets that it could be the reason the markets decide to pull back and shake people out. This morning we are seeing some follow through of yesterdays weakness. I do not see this as a the beginning of a bear market but an opportunity to get into stocks that I have been waiting patiently to a see pullback in price for more attractive entry points. This could be that opportunity and I hope it lasts for longer than a couple days. However if earnings and guidance come int extremely strong throughout the remainder of the week I would think the bulls will quickly retake control.
We have the "State of the Union" tonight and that could be something that impacts markets tomorrow but I would anticipate that to be a short lived event. We also have the fed meeting that starts today and the last fed announcement from Janet Yellen tomorrow which could be more hawkish as she heads out the door.
Keep an eye on TVIX UVXY LABD TZA don't chase.
- TUSK new contract value with Puerto Rico looking to add to my long term hold
- GLW Potential long term hold play on a pull to support
- SMG Potential long term hold play on a pull to support after disappointing on earnings
- IMMY Pr gapper potential day trade with intra day setup can be a pop and flopper and they may have a shelf offering out there so be careful
- RCON fund announces stake priced offering @ 1.66 potential day trade don't chase need volume
- CVO potential follow through day do not chase day trade opp
- MJX long term hold ETF could pull back with SMG looking for pull to support to start building a position
- TWTR Wopuld like a pull to 21.50 22 area to get long
- WYNN Watching for capitulation reversal candle for a long term hold play
- AQ recent IPO lil pop off pr yesterday potential day trade opp with volume AI autonomous vehicle play
- BDSI pr potential day trade opp with volume do not chase
Tuesday's economic calendar
FOMC meeting begins
8:55 Redbook Chain Store Sales
9:00 S&P Corelogic Case-Shiller Home Price Index
10:00 Consumer Confidence
10:00 State Street Investor Confidence Index
3:00 PM Farm Prices
