Good morning
Equities are gapping up in premarket in anticipation of uneventful speeches from both Janet Yellen and Mario Draghi. It is expected that there will not be anything new or significant from either Yellen or Draghi so it's likely going to be non event but one never really knows. Often times we see a knee jerk reaction to whatever is said and its typically a head fake so be careful. Don't get sucked into a false move.
Oil could be volatile as we learn more about the hurricane throughout the day. The dollar is pulling just a tad as oil and gold are showing some strength in premarket. Gold can get a little volatile on Fed policy days so it could be worth watching GLD JNUG NUGT GDX GDXJ DUST JDUST for a trade opportunity.
I remain cautious and still believe the markets are guilty till proven innocent. Keep an eye on the volatility indexes as well as the short ETF vehicles. TVIX UVXY TZA LABD SPXS SPXU Do not chase anything and make sure you have a clear trade plan with a good risk reward profile.
We had positive earnings out of MRVL and the semiconductor space which has been pulling back has held up far better than other sectors like transportation and industrials. Its worth keeping an eye on the space.
Gap up days can be challenging especially on a Friday so be careful out there do not chase and realize that cash is a viable position, You do not have to trade if the market isn't giving you the setup you want.
- XOMA Press release tiny floater gapping do not chase look for intraday setup potential day trade opp tiny float
- CBAY nice looking technical setup on the daily potential day trade opp on trendline break with volume
- MRVL swing or long term hold play thick stock earnings beat lil gapper look for setup for potential starter position
- PSTG Potential day trade or swing off good earnings
- WKHS watching for a red to green potential swing or long term hold I have a detailed trade plan for the Pro members
- TNDM Potential day trade opp with a lotto swing if you catch it right and lock profits
- TNAV had press after the close ugly daily maybe just a scalp opp day trade off news Very thin
- SPLK earnings beat gapper potential intraday day trade or swing off pull to support
- SEAS Insider buy in this area fairly significant potential for a day trade or short term swing do not chase
- GE Potential starter for a long term hold off trendline support recent insider buys
- GME Potential bounce trade off support after earnings day trade
- ADMS gapper off pr look for intraday setup small floater do not chase
- NBRV upgrade 20 PT> potential day trade small floater do not chase
- NTLA hot daily looking for a pull to support or consolidation just under 18 could be a high risk swing or day trade opp
- RADA pr potential day trade already had a nice run may need time to consolidate
- NVCR hot daily potential day trade or higher risk swing looking for a trend line break with volume.
Pre Market Prep with Stocks & ETFs 2 Watch For Trading & Investing Aug 25th 2017 from Alpha Wolf Trading on Vimeo.
Speeches by Yellen, Draghi on tap
Stock index futures are hugging the flatline as the all-stars of central banking meet in Jackson Hole.
Speeches by Federal Reserve Chairwoman Janet Yellen and ECB President Mario Draghi will be scrutinized for hints on the path of monetary policy, but neither of them are expected to give fresh guidance.
The bond market is also calm at the moment, with the 10-year Treasury yield flat at 2.2%.
Major tax reform push coming up
"Starting next week, the president's agenda and calendar is going to revolve around tax reform," National Economic Council Director Gary Cohn told FT.
"He will start being on the road making major addresses justifying the reasoning for tax reform and why we need it in the U.S."
The current American tax system has remained largely unchanged for three decades.
Source Seeking Alpha
