Good morning
A new month begins and June is typically one of the weaker months of the year historically but that doesn't mean there will not be plenty of opportunity.
The market has been in consolidation mode with some sectors like Tech and semiconductors continuing to show incredible strength. The biotech sector is struggling but that could change this weekend with ASCO taking place and could provide the catalyst to take the IBB over that 300 level of resistance. PANW had nice earnings and guidance which could put the cyber security sector in play. If you don't have a favorite name in the space you could consider HACK or CIBR ETF's as potential plays. Aerospace and defense stocks are also a very strong sector to keep an eye on. Energy and retail have clearly been the weakest sectors out there at some point at least with the energy names I think we will get a nice dead cat bounce.
The casino sector has one of the best looking technical setups out there. Macau numbers were just released and the numbers were strong. Look for some of the casino names to break out of their consolidation patterns MGM MLCO GDEN PENN EVRI some of my favorite names in the space. GDEN PENN and EVRI do not hav any Macau exposure but they will likely move in sympathy with the sector.
The dollar is bouncing a bit in premarket putting a bit of pressure on gold and some of the miners so be careful in that space.
- CHK another insider buy 75k @ 5 More of a swing or long term hold play
- MGEN bounce off the 200 day potential follow through off upgrade SUPER thin do not chase day trade only
- FEYE potential sympathy play to PANW day trade or swing opp
- CIEN gapping off earnings 26 is a decent area of potential resistance to get through potential long term flat top break out
- ADRO pr potential trend line break day trade consideration do not chase
- MNKD gapper do not chase potential day trade opp off pr
- SPI gapper low floater has been given notice of listing deficiency do not chase play size appropriate and day trade only
- BPMX mixed results data from Phase 2 study was gapping now pulling do not chase could set up for a scalp
- CIEN potential multi year flat top break out, more of a swing or long term hold consideration look for a pull to support
- PLX recent insider buy pr this morning potential 1 test and roll do not chase day trade consideration
- BOX earnings little gapper could set up intraday
June 1 2017 Pro Premarket Prep from Alpha Wolf Trading on Vimeo.
