Bigger Picture
Look ahead: Economic Calendar – for Tue Apr 5, 2016
A midday look ahead in preparation for economic reports and events scheduled for the next trading day.
Highlights: Tuesday’s ISM is non-manufacturing, and has no reliable track record for influencing prices. That might be different this week, since last week’s other ISM report exceeded estimates. Meanwhile, JOLTS is reliable for influencing price action since it’s a chance to confirm or to contradict last Friday’s payrolls report..
Neel Kashkari Speaks
MON 5:15 PM ET
Neel Kashkari Speaks
MON 7:00 PM ET
*Charles Evans Speaks
1:00 AM ET
International Trade
8:30 AM ET
Gallup US ECI
8:30 AM ET
Redbook
8:55 AM ET
PMI Services Index
9:45 AM ET
*JOLTS
10:00 AM ET
*ISM Non-Mfg Index
10:00 AM ET
4-Week Bill Auction
11:30 AM ET
Sunday night’s Globex chaRTroom link
S&Ps start the new week at 6pm ET. Monitor trading overnight in the chaRTroom by CLICKING HERE.
I’ll be checking in later, and will annotate the chart if anything interesting develops.
The Universe, week of April 4, 2016… Happy Anniversary! (again)
[Note: I publish “The Universe” every weekend, updating my support and resistance calculations for Marijuana sector stocks. It is not a projection, but a handy reference… Non-Marijuana stocks are covered elsewhere during the week.]
5… 5… 6… 8… 10… 10… 14… 17… 24… 32!!
That’s the weekly progression of the number of stocks trading above my 4-week rolling moving averages calculation. And, that’s right, the improvement kept up its pace.
So, are you thinking what I’m thinking? Correction!
Maybe. But maybe not so fast. Many of the stocks that have reversed from a “down” status to “up” have been the product of multi-session surges. And many of those have corrected already. Meanwhile, I’m having no difficulty finding more candidates to pop, as well. This week’s highlights are:
AMMJ was highlighted last week, too. Did you see its pop on Monday?
CANN‘s Rounding Bottom has become a Cup & Handle.
OGRMF has formed an Ascending Triangle.
OXIS fired a warning shot across the bow, and already corrected it.
SRNA reversed a warning shot fired in January, but has recovered.
TAUG is already popping.VAPE already popping, patiently avoiding a third-day surge top.
As for talk of a correction, it’s not misplaced. This is the two-year anniversary of the April 2014 top. The sector is too young to know whether this will be a seasonal thing. But it’s worth monitoring.
| Marijuana Stock Universe for April 4, 2016 | |||
| Reference this table during stock reactions | |||
| 4-week | # up: | 32 | 40.51% |
| trends* | # flat: | 29 | 36.71% |
| # down: | 18 | 22.78% | |
| *The percentages of stocks rising or falling over 4 weeks. | |||
| symbol | support | resistance | 4-week trend |
| AERO | 1.600 | 2.270 | up |
| AGTK | 0.002 | 0.005 | down |
| AMMJ | 0.085 | 0.160 | flat |
| ARNA | 2.050 | 2.350 | up |
| ATTBF | 0.035 | 0.075 | flat |
| BLOZF | 0.160 | 0.220 | up |
| BLPG | 0.015 | 0.030 | flat |
| BRDT | 0.012 | 0.031 | up |
| BTFL | 0.000 | 0.005 | down |
| CAFS | 0.001 | 0.004 | down |
| CANL | 0.053 | 0.290 | flat |
| CANN | 0.548 | 0.937 | up |
| CANV | 0.290 | 0.550 | up |
| CARA | 5.450 | 7.700 | flat |
| CBDS | 1.850 | 3.000 | up |
| CBIS | 0.017 | 0.024 | up |
| CGRW | 0.760 | 0.920 | up |
| CHUM | n/a | n/a | down |
| CNAB | 0.317 | 0.590 | up |
| DEWM | 0.004 | 0.006 | up |
| DIGP | 0.215 | 0.290 | up |
| EAPH | 0.004 | 0.009 | up |
| EDXC | 0.025 | 0.042 | up |
| ENCC | n/a | n/a | up |
| ENDO | 0.012 | 0.012 | up |
| ENRT | 0.005 | 0.014 | flat |
| ERBB | 0.001 | 0.003 | flat |
| ETST | n/a | n/a | flat |
| EXMT | 0.000 | 0.004 | up |
| FITX | 0.001 | 0.004 | down |
| FULL | 2.400 | 2.800 | up |
| GBLX | 0.175 | 0.280 | flat |
| GRNH | 0.029 | 0.047 | up |
| GWPH | 71.500 | 87.000 | up |
| HEMP | 0.036 | 0.070 | up |
| IMLFF | 0.040 | 0.115 | down |
| INQD | n/a | n/a | flat |
| INSY | 14.950 | 21.250 | down |
| ITNS | 0.001 | 0.005 | flat |
| KAYS | 0.067 | 0.187 | down |
| LXRP | 0.100 | 0.220 | flat |
| MCIG | 0.029 | 0.052 | up |
| MDBX | 0.006 | 0.051 | down |
| MDRM | 0.040 | 0.108 | up |
| MINE | 0.019 | 0.040 | flat |
| MJMJ | 0.000 | 0.001 | flat |
| MJNA | 0.028 | 0.044 | flat |
| MNTR | 0.360 | 0.625 | up |
| MSRT | 0.830 | 1.410 | up |
| MYEC | 0.000 | 1.000 | down |
| MYHI | 0.013 | 0.100 | up |
| NMUS | 0.450 | 1.070 | flat |
| NTRR | 1.120 | 1.800 | flat |
| OGRMF | 0.435 | 0.630 | flat |
| OXIS | 0.200 | 1.640 | flat |
| PHOT | 0.020 | 0.040 | flat |
| PLPL | 0.063 | 0.108 | flat |
| PMCB | 0.043 | 0.074 | down |
| PNTV | 0.002 | 0.004 | up |
| PZOO | 0.000 | 0.002 | down |
| RMHB | 0.028 | 0.051 | flat |
| RSSFF | 0.030 | 0.100 | down |
| SING | 0.006 | 0.014 | flat |
| SPRWF | 0.225 | 0.375 | up |
| SRNA | 0.074 | 0.112 | flat |
| STEV | 0.015 | 0.037 | down |
| TAUG | 0.004 | 0.008 | up |
| TRTC | 0.250 | 0.351 | up |
| TURV | 0.463 | 0.770 | flat |
| TWMJF | 1.800 | 2.400 | flat |
| UPOT | 0.010 | 0.050 | flat |
| VAPE | 0.003 | 0.023 | up |
| VAPR | 0.000 | 0.020 | down |
| VGPR | 0.000 | 0.002 | down |
| VHUB | 0.025 | 0.048 | up |
| VPCO | 0.000 | 0.095 | down |
| WOGI | 0.001 | 0.004 | flat |
| XTRM | 0.001 | 0.004 | flat |
| XXII | 0.690 | 1.005 | down |
Saturday Review’s recording (for 4/2/16) …
That’s a lovely new trend high close, you have there. It would be a shame if something were to happen to it. Actually, probably not. Pulling back immediately Monday would likely be only a temporary correction, and bullish. That was explained along with other aspects of the current and future market during this weekend’s Saturday Review.
Also, the following stock requests were reviewed in this order:
UTX, NFLX, AAPL, SQ, GPRO, GIS, HOG, USO
04/02/2016 09:29:05 sm: audio is good
04/02/2016 09:29:10 Mark Glezer: gm
04/02/2016 09:29:14 Mark Glezer: good
04/02/2016 09:29:14 David B: Good Morning
04/02/2016 09:50:43 sm: ‘New highs’ since the beginning of the controlling downleg, or new highs above the 2015 topping range?
04/02/2016 09:52:19 sm: — answered. thx
04/02/2016 09:54:53 David B: do you think the fed gave the market a gift basically taking a rate hike off the table and risk on its back on?
04/02/2016 09:58:25 David B: markets are driven by earnings and they are declining so its all about what the fed is doing is keeping the market from selling off?
04/02/2016 10:01:49 Mark Glezer: when do u expect the new all time high?
04/02/2016 10:03:54 David B: can you look at the dollar is it starting to break down
04/02/2016 10:04:31 David B: NFLX,AAPL
04/02/2016 10:08:16 Josey: SQ, GPRO, USO
04/02/2016 10:10:11 sm: GIS, HOG
04/02/2016 10:22:25 Mark Glezer: thx
04/02/2016 10:22:51 sm: thx
04/02/2016 10:23:11 David B: thanks
Saturday Review Link
Be sure to join us by 9:30am ET for this weekend’s Saturday Review. This week planted seeds for the coming week, if not weeks, which we’ll discuss along with strategies for trading the patterns.
After discussing the bigger picture, we’ll do instant analysis of any stock charts that you request… See you there!