DailyWatch 6-10-16

 

Today’s Economic Calendar

10:00 Consumer Sentiment
1:00 PM Baker-Hughes Rig Count
2:00 PM Treasury Budget

Daily Market Summary

 

 

Is this the end of the Bull run? Not so fast. Let’s not hit the panic button quite yet. If you have been reading my blog for a while you know i have said i am looking for a big correction this year in the S&P. I think we will test 2134 and fail. We got to 2119 and have retreated this morning to 2092 area. I am watching to see if we hold 2082 today. I expect a pullback and then another attempt to go back towards the 2134 area. The market doesn’t go straight up or down. As i wrote yesterday, our market pulse index has increased to 43% this morning. This means that 43% of the stocks we follow are now in State 1. We are starting to get into overbought territory. The S&P are down 12 handles this morning. Typically we see 20 handle moves. Lets see if they hold 2092 and go back higher today or if they run them down to the 2082 level. A close below 2082 is where i will begin to think about shorting the S&P futures

 

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Stocks on the Move

GDOT- Green Dot
STATE 1
YESTERDAY’S CLOSING PRICE $22.61
TARGET PRICE $27.14
AVERAGE DAYS IN STATE 1- 31 DAYS
AVERAGE STATE 1 MOVE- 15%
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