Last full day of market action before we have a 3 1/2 day weekend to take full advantage of! Today we will see extremely low trading volume as the big money has already cashed out and headed out to the Hamptons.
For third day straight, we have a positive bias heading into the open with Futures showing the Dow up 16 points, the Nasdaq up 2.25 points and the S&P up 3 points. Overseas the Asian markets were in full-fledge rally mode seeing gains as much as 2%, while in Europe, they saw respectable gains ranging from 0.4% up to 0.8%.
On the economic front, we’ve already had the Personal Income report come out which saw the market give back a chunk of their morning earnings, but we also have the Consumer Sentiment at 9:55am EST followed by the New Home Sales at 10am. So we won’t get a good feel as to the direction this market will take today until those last two reports come out.
Here are Today’s Trading Ideas…
Bullish Candle Setups: RWT, ORBK, ZHNE
Bearish Candle Setups: ARM, FIX, RAX, NSL
Stocks Ready to Bounce: OSIP, HQS, JGT
Stocks Ready to Pullback: MASI, JLL, ARM, UNS, KEG, RAX, HITK, BPZ
Breakout Stocks: AEIS, NDSN, TEVA, NCZ, BDV,
Breakdown Stocks: EWH
