" Limit your size in any position so that fear does not become the prevailing instinct guiding your judgment." Joe Vidich
Good morning
The caution flags remain out as the markets continue to show signs of weakness. Tech is leading the way as earnings misses and concerns of inflated valuations and slowing growth weigh on the sector. AAPL and TSLA both report this week and could add more fuel to that fire if their earnings come in weak. The IWM (small caps) broke and closed below the 50 day and could be approaching potential price support in 159-162 area. Equities in premarket are up slightly
The FOMC meeting starts today with the statement delivered tomorrow. Gold, silver and the miners which have been beaten up pretty hard could show signs of life ahead of the announcement but that may be short lived so be careful if you are trying to play that space. Gold is currently lower in pre market.
TZA TVIX UVXY could still be in play if market give us a green to red
Tuesday's economic calendar
FOMC meeting begins
8:30 Personal Income and Outlays
8:30 Employment Cost Index
8:55 Redbook Chain Store Sales
9:00 S&P Corelogic Case-Shiller Home Price Index
9:45 Chicago PMI
10:00 Consumer Confidence
10:00 State Street Investor Confidence Index
Stocks to watch
YGYI Youngevity International Announces 5-Year Contract Worth Estimated $250MSAN DIEGO, July 31, 2018 /PRNewswire/ -- Youngevity International, Inc. (NASDAQ: YGYI), a leading omni-direct lifestyle company, announced today that its wholly owned subsidiary, CLR Roasters, has entered into a 5-year contract for the sale and process Tiny floater they need cash day trade only if there is sufficient volume do not chase
Had a great looking setup on the daily
MX
MagnaChip Semiconductor Shares Up 10.7% After Hours Following Q2 Earnings Beat; Co. Sees FY18 Sales Exceeding Previous Record Of $161M Gapping into resistance worth watching could be more of a swing on a pull
NOG
Northern Oil and Gas, Inc. Announces Largest Acquisition In Co.'s History And Sees Preliminary Q2 Production In Excess Of 21,000 Boe Per Day nice looking daily potential cup and handle formation could be a day trade with volume or swing opp on pull to 3 potential support
Got a little pop yesterday could get some follow through on a red to green golden cross happening on the daily. Small floater do not chase look for intra day setup and volume potential day trade but the space could have some headline risk
US Dept. Of Justice Probing TV Station Owners Related To Ad Sales-Dow Jones
ETM 7.45 0.00%
EVC 4.45 0.00%
GTN 15.1 0.00%
SALM 5.45 0.00%
SBGI 25.85 0.00%
RBBN
Ribbons Communications Q2 Adj. EPS $0.14 Beats $0.02 Estimate, Adj. Sales $145M Beat $136.78M Estimate
Nice earnings beat 7.50 could be resistance trades fairly thin but has a decent looking setup on the daily insider buys at the 5 and change range Could be a swing or day trade opp
https://seekingalpha.com/article/4192345-ribbon-communications-inc-2018-q2-results-earnings-call-slides
IRDM
Iridium Raises FY18 Sales Growth From 10-12% To 12-14%, Raises OEBITDA From $280-$290M To $290-$300M
Iridium Communications Q2 EPS $(0.06) Misses $(0.04) Estimate, Sales $134.9M Beat $120.53M Estimate nice daily setup could be a swing on a pull to the 50 day or a day trade bounce play
CHGG
Chegg Shares Up 9% After Hours; Co. Reported Q2 Earnings Beat And Raised FY18 Sales Outlook Above Estimates
Chegg Sees Q3 Sales $68M-$69.5M vs $68.89M Est.
Chegg Q2 Adj. EPS $0.12 Beats $0.08 Estimate, Sales $74.22M Beat $70.28M Estimate
could get a test of all time highs after a swift pull to the 100 EMA worth watching for support in the 25 area for a potential swing possibly a day trade if there is enough range
