Daily Watch – June 9 2016

May 24, 2016 @ 9:00 am

 

Today’s Economic Calendar

8:30 Initial Jobless Claims
9:45 Bloomberg Consumer Comfort Index
10:00 Wholesale Trade
10:30 EIA Natural Gas Inventory
1:00 PM Results of $12B, 30-Year Note Auction
4:30 PM Money Supply

 

Daily Market Summary

We expect to see some backing up as the S&P goes after all time highs. Futures are down about $8 this  morning. Are we oversold? Many in the investing community think so.

I went back and looked at major corrections on our Market Pulse feature. Our Market Pulse gives the percentage of how many stocks are in each of our 8 States since 2007. The percentage of Stocks in State 1 averaged 53.9% before the market made a 10% bearish correction. Today we are sitting at 41.6%. We have seen a low of 41.5% to a high of 66.5% prior to bearish moves. Our alert is on, but we will continue to be on the long side for now. We will watch the 2105 for support on the S&P futures.

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Stocks on the Move

 

  • FFIV- F 5 Networks Inc
  • STATE 1
  • YESTERDAY’S CLOSING PRICE $120.35
  • TARGET PRICE  $136.50
  • AVERAGE DAYS IN STATE 1- 41 DAYS
  • AVERAGE STATE 1 MOVE- 18%

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