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Market Recap & Game Plan For 8/18

Hi everyone,

Today's market recap:

  • Indices opened down w/ $DJIA down over 100pts & started to recovered around 10:30am CT. Two trading sessions in a row.
  • Biotech were the leading sector today to helped w/ the overall market green. What i saw today's was some major short covered on high short interest biotech. WE ARE NOT OUT THE WOODSHED yet. imo
  • I remained bearish on $CL_F crude oil as i think it will go under $40/barrel.
  • Market ignore the overseas China devaluation YUAN, for now until next drama to spooked U.S. market again.

Keys economic events to watch this week:

  1. USD fed FOMC minutes on Wed, 8/19. 1pm CT & 2pm ET. I doubt we will see any hike, likely end of year or earlier next year.
  2. USD initial Jobless claims and USD existing home sales (Jul). Two big events on Thurs 8/29
  3. I'd also pay attention to FOMC member John C. Williams speech on Thursday. He's one of my favs guy to listened when he talks.

Indices support and resistance:

  • $SPY S @ 209.52 w/ R @ 210.61.
  • $IBB R @ 372 if break we test 375, S @360. One day nice gains, happy for longs, but still in the woodshed until true momos pick up.
  • $IWM S $120.5. R $ 122.70
  • $AAPL R @ 118, major support @ 112. Temporary short term bear on as we may hit $114 or lower this week if $118 & 118.75 not cleared. imo

All about the BIOTECH today:

  • $ESPR provide update ETC-1001 great news for the suffering longs, but to be honest, i think this will sell on news tomorrow. Support @ 65, resistance @ 84.50. Will be watching closely.
  • $RDUS-I blogged previous bullish comments. Nice volumes, but $80 remain a resistance break that we can do $84PT. S @ 64.75, R @ 75
  • $CEMP @ 37.62 usually it stayed int his tight range 35-37$ on accumulation before it head higher to $40 w/ overall $IBB helped.
  • $FPRX@ 19.25, PT 21-23 area, nice candle today.
  • $MACK @ 10.79. Heavy insider buy as we head to Oct PDUFA. break $11.12 and next PT is 12.95. Usually moved fast.
  • $ZLTQ bullish.
  • $QURE bullish

Non biotech long set up:

  • $LL @ 14.12 cleared 14.45 this head to 15.10+ on squeeze.
  • $FIT watch the $45 level break to play for 47.5

Short set up

  • $FB break $93 level it will head to $91 fast. Eye puts
  • $CYBR look to break down to $55 again.

Final thoughts:

"Success is nothing more than a few simple disciplines, practiced every day." -Jim Rohn

Additional disclosure: These are my personal trade ideas and game planned. Not recommendations to buy or sell. They are subject to change.