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Hello friends
Happy Fathers day to all the great dads out there. I hope you have a fantastic day.
The equity markets held up fairly well in the face of trade war fears and another rate hike from the Fed. Recent IPO's continued to be strong momentum plays and we have a big week ahead for new IPO's coming out which are listed below.
IPOs expected to price: Eidos Therapeutics (EIDX) on June 19; Essential Properties Realty Trust (EPRT), Aptinyx (APTX), Avrobio (AVRO), I3 Verticals (IIIV), Xeris Pharmaceuticals (XERS), ElectoCore (ECOR), Magenta Therapeutics (MGTA), Kezar Life Sciences (KZR) on June 20; Autolus Therapeutics (AUTL) and DERMAdoctor (DDOC) on June 21.
IPO lockup expirations: Dogness (NASDAQ:DOGZ) on June 18; LexinFintech (NASDAQ:LX) on June 19; iClick Interactive Asia (NASDAQ:ICLK) on June 20; SG Blocks (NASDAQ:SGBX) on June 22.
Source Seeking Alpha
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XLE Potential double top closed below 50 day MA support
XOP Sitting on potential 50 MA and price support
Oil and energy names could see some pressure next week as OPEC meets with the expectation that production hikes may be on the way. We will know more on Friday after their meeting in Vienna but there is like to be chatter all throughout the week leading up to the meeting. There was a significant dip in oil on Friday and we may see some continued weakness in the sector. Keep in mind the hurricane season is upon us as well which could also have an impact on the energy space.
IYT if we do have a pull back in oil and energy it should come as no surprise that transportation could benefit nice flag on the daily right at the 200 dolla holla and sitting on the 20 day SMA FedEx is also reporting earnings this week and could have an impact on the sector
XRT after recently testing 52 week highs the XRT may find some support at the 20 day and potential price support in the 48 range
IBUY testing all time highs and right at trend line resistance very thin trading online retail ETF
The retail sector could be in play depending on the outcome of an anticipated ruling from the supreme court issuing a decision with regards to online sellers having to pay sales tax in states where they do not have a physical presence. The ruling is due out on the 18th
XLP Consumer staples have been on my radar for the last several weeks as beaten up potential value plays these are more swing or long term hold plays some are dividend paying considerations like $KHC $PG $KO others like $HAIN $SMPL $RIBT have nice looking daily charts The ETF is flagiing after breaking the downward trend line and sitting just over the 50 EMA and SMA
SMH flagging after not being able to retest the recent all time highs $MU reports this week and could help determine if the all time high gets retested or if we break below the 20 sma and potentially test the 105 are as potential price support as well as the 50 day SMA
IWM small and micro caps have been extremely strong and could remain strong as trade war fears continue They have already had a tremendous run and are currently flagging It would not be a total shocker to have a pullback to the 160 area as potential price support if the markets roll over also keep an eye on dollar strength while a strong dollar may not be good for the big multinationals it is good for the small US based companies.
QQQ Tech continues to be a leading sector nut it has also had a very nice run with overbought conditions but things can stay overbought
XLI industrials with the fears of trade wars this sector is one of the more vulnerable sectors as it is testing a cluster of moving averages 50 100 and 200 day as potential support after a failed down trend line break attempt
XLF with the recent legislation and rate hike one would assume the financial stocks would be doing better than their recent performance indicates but the sector is sitting just over potential price support after closing below the 200 day the sector is reaching oversold territory and could see a bounce
SPY could see a pull to 270-272 area for potential price support as well as the 50 day SMA currently trying to hold onto the 20 sma but if financials, consumer staples, retail and transportation can manage to rally then the SPY could be headed towards the recent all time high test
This weeks sample stocks from the Pro member Video
$NITE $ROAD $TWLO $BREW $INFU $CYTK
June 18th -22nd 2018 Stocks to watch for trading and investing from Alpha Wolf Trading on Vimeo.
NEXT WEEK'S MAJOR U.S. ECONOMIC REPORTS & FED SPEAKERS
TIME (ET) REPORT PERIOD ACTUAL FORECAST PREVIOUS
MONDAY, JUNE 18
10 am NAHB home builders' index June 70
TUESDAY, JUNE 19
8:30 am Housing starts May 1.287mln
8:30 am Building permits May 1.352mln
WEDNESDAY, JUNE 20
8:30 am Current account Q1 -$128bln
10 am Existing home sales May 5.46 mln
THURSDAY, JUNE 21
8:30 am Weekly jobless claims 6/16 --
8:30 am Philly Fed June 34.4
10 am Leading indicators May 0.4%
FRIDAY, JUNE 22
9:45 am Markit manufacturing PMI (flash) June 56.4
9:45 am Markit services PMI (flash) June 56.8
Source Market Watch
*Highly anticipated earnings *
Source Earnings Whispers
*
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