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:
- 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.
- USD initial Jobless claims and USD existing home sales (Jul). Two big events on Thurs 8/29
- 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 finance.yahoo.com/news/esperion-therapeutics-provides-etc-1002-200500070.html 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.
"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.